# In the matter of Aksh Optifibre Ltd. CP No. (IB) 94-9-JPR-2021

> NCLT judgment dated 2022-03-02. Citation: TCN-2022-NCLT-03923. The case involves Crest Speciality Resins Pvt. Ltd. as the operational creditor and Aksh…

- **Court:** NCLT
- **Order date:** 2 Mar 2022
- **Citation:** TCN-2022-NCLT-03923
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aksh-optifibre-ltd-cp-no-ib-94-9-jpr-2021-01a857de

## Summary

### Background

The case involves Crest Speciality Resins Pvt. Ltd. as the operational creditor and Aksh Optifibre Ltd. as the corporate debtor. The operational creditor filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter was presented through video conferencing before the National Company Law Tribunal (NCLT), Jaipur Bench.

## Facts

Crest Speciality Resins Pvt. Ltd. (Operational Creditor) initiated proceedings against Aksh Optifibre Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016. The Operational Creditor and Corporate Debtor reached an amicable settlement. The Corporate Debtor paid Rs. 47,33,932/- to the Operational Creditor as full and final payment. A settlement agreement was executed between the parties on 2022-01-07. The Operational Creditor sought to withdraw the petition based on the settlement. The NCLT granted permission to withdraw the petition and dismissed the matter.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the petition filed under Section 9 of the IBC, 2016, …

**Ratio:** The legal principle applied is that if parties to a petition under the IBC reach a

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**Reasoning:** The court reasoned that since the matter has been amicably settled and the operational

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**Interpretation:** The interpretation of the IBC allows for the withdrawal of petitions when a

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**Application:** In this specific case, the court applied the principle by granting permission

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## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Appellants:** Crest Speciality…
- **Respondents:** Aksh Optifibre…
- **Advocates:** Varun M…; Shreys…; +3 more

## Timeline

- **2022-01-07 — Settlement Ag…**: Settlement agreement executed between Crest Speciality Resins Pvt. Ltd. and Aksh…
- **2022-03-02 — Order Da…**: NCLT, Jaipur Bench, granted permission to withdraw the petition and dismissed the matter…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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