# In the matter of Chetan Abrasives Pvt. Ltd. CP(IB) 06 of 2020

> NCLT judgment dated 2022-06-02. Citation: TCN-2022-NCLT-02459. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 2 Jun 2022
- **Citation:** TCN-2022-NCLT-02459
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/chetan-abrasives-pvt-ltd-cpib-06-of-2020-397aabe7

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The applicant and respondent have amicably settled the matter, and a copy of the deed of settlement of dispute executed on June 1, 2022, has been filed.

## Facts

Powertools Marketing Ltd filed an application against Chetan Abrasives Pvt Ltd. The parties reached an amicable settlement, executing a deed of settlement on June 1, 2022. The applicant's counsel requested withdrawal of the application based on the settlement. The settlement was presented to the NCLT Ahmedabad.

## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the IBC can be withdrawn based on the amicable …

**Ratio:** An application can be withdrawn if the parties involved have reached an amicable

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**Reasoning:** The court accepted the submission of the applicant's counsel that the parties had settled

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**Interpretation:** The court interpreted the provisions of the IBC and general principles of law

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**Application:** Since the parties had amicably settled the dispute and the applicant requested

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** Powertools…
- **Respondents:** Chetan Abrasives…
- **Advocates:** Jaimin…; Parth B…

## Timeline

- **2022-06-01 — Deed of Settlement…**: Parties executed a deed…
- **2022-06-02 — Order Del…**: The NCLT Ahmedabad allowed 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)

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