# In the matter of Chetak Enterprises Ltd. IA No. 52-JPR-2022 in CP No. (IB)-82-9-JPR-2022

> NCLT judgment dated 2023-01-24. Citation: TCN-2023-NCLT-04934. The applicant filed an application (IA No. 52/JPR/2023) seeking to withdraw the main petition…

- **Court:** NCLT
- **Order date:** 24 Jan 2023
- **Citation:** TCN-2023-NCLT-04934
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/chetak-enterprises-ltd-ia-no-52-jpr-2022-in-cp-no-ib-82-9-jpr-2022-11cfa6fc

## Summary

### Background

The applicant filed an application (IA No. 52/JPR/2023) seeking to withdraw the main petition (CP No. (IB)- 82/9/JPR/2022) due to a settlement agreement.

## Facts

P.R. Infracon Pvt. Ltd., the operational creditor, filed a petition bearing CP No. (IB)- 82/9/JPR/2022 against Chetak Enterprises Ltd., the corporate debtor, under Section 9 of IBC, 2016. This petition initiated the corporate insolvency resolution process against the corporate debtor. The matter was heard by the National Company Law Tribunal, Jaipur Bench, through a web-based video conferencing platform. Subsequently, an application, IA No. 52/JPR/2023, was filed by the operational creditor seeking to withdraw the main petition. The basis for this withdrawal application was a settlement agreement reached between the parties, dated January 7, 2023. The operational creditor also sought liberty to file a fresh application in the event that the corporate debtor resiled

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of …

**Ratio:** The application for withdrawal was

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**Reasoning:** The parties had entered into a settlement agreement, which was the basis for the

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**Interpretation:** The NCLT interpreted the settlement agreement as a valid ground for withdrawing

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**Application:** The settlement agreement between P.R. Infracon Pvt. Ltd. and Chetak Enterprises

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** P.R. Infracon…
- **Respondents:** Chetak Enterprises…
- **Advocates:** Keshav G…; Tarun Ag…; +6 more

## Timeline

- **January 7, 2023 — Settlement Ag…**: A settlement agreement was reached between the operational creditor and the corporate…
- **January 17, 2023 — NCLAT Or…**: The Hon'ble NCLAT passed an order denying…

## 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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