# 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-04927. The case involves an application (IA No. 52/JPR/2023) filed for the withdrawal of the main…

- **Court:** NCLT
- **Order date:** 24 Jan 2023
- **Citation:** TCN-2023-NCLT-04927
- **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-2022-7289caeb

## Summary

### Background

The case involves an application (IA No. 52/JPR/2023) filed for the withdrawal of the main petition (CP No. (IB)- 82/9/JPR/2022) based on a settlement agreement dated 2023-01-07. The applicant sought to withdraw the petition with the liberty to file a fresh application if the respondent reneges on the settlement agreement.

## Facts

P.R. Infracon Pvt. Ltd. is the Operational Creditor, and Chetak Enterprises Ltd. is the Corporate Debtor. IA No. 52/JPR/2023 was filed seeking withdrawal of the main petition, CP No. (IB)- 82/9/JPR/2022, based on a settlement agreement dated 2023-01-07. The applicant requested permission to file a fresh application if the respondent didn't adhere to the settlement. The Hon'ble NCLAT passed an order on 2023-01-17. The court dismissed the CP No. (IB)- 82/9/JPR/2022 as withdrawn and denied permission to file a fresh application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main petition should be allowed based on the …

**Ratio:** The ratio is based on the principle that parties are generally allowed to withdraw

…

**Reasoning:** The court allowed the withdrawal of the main petition because a settlement agreement was

…

**Interpretation:** This reflects the court's interpretation of the IBC to facilitate settlements,

…

**Application:** The existence of the settlement agreement dated 2023-01-07 provided sufficient

…

## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** P.R. Infracon…
- **Respondents:** Chetak Enterprises…

## Timeline

- **2023-01-07 — Settlement Ag…**: Settlement agreement was executed between P.R. Infracon Pvt. Ltd. and Chetak Enterprises…
- **2023-01-17 — NCLAT Or…**: Order passed by the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: 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-2022-7289caeb