# In the matter of Classic Build Projects Pvt. Ltd. IA-743(AHM)2022 In CP(IB) 59 of 2020

> NCLT judgment dated 2022-09-14. Citation: TCN-2022-NCLT-01069. The case involves an application IA/743(AHM)2022 filed by the original Operational Creditor.…

- **Court:** NCLT
- **Order date:** 14 Sept 2022
- **Citation:** TCN-2022-NCLT-01069
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/classic-build-projects-pvt-ltd-ia-743ahm2022-in-cpib-59-of-2020-1340cb85

## Summary

### Background

The case involves an application IA/743(AHM)2022 filed by the original Operational Creditor. The matter was settled between the parties, leading the Operational Creditor to file an application for withdrawal of the main CP(IB) 59 of 2020.

## Facts

Shine Plastics, represented by its proprietor Mr. Shaileshkumar Jasubhai Shah, filed an application under Section 9 of the IBC as an Operational Creditor against Classic Build Projects Pvt Ltd. The Operational Creditor subsequently filed IA/743(AHM)2022 seeking withdrawal of the main CP(IB) 59 of 2020, because the matter was settled between the parties. The court heard the Learned Counsel and granted permission for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main CP(IB) 59 of 2020 should be allowed, given the …

**Ratio:** When parties to a case reach a settlement, the court may allow the withdrawal of the

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**Reasoning:** The court reasoned that since the matter was settled between the parties, the Operational

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**Interpretation:** The interpretation is that the court acknowledges the settlement between the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Shine Plastics…
- **Respondents:** Classic Build…

## Timeline

- **2022-09-14 — Order Del…**: The order was delivered on September 14,…

## 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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