# In the matter of Essar Oil and Gas Exploration and Production Ltd. CP(IB) 49 of 2020

> NCLT judgment dated 2022-05-30. Citation: TCN-2022-NCLT-02562. The case involves Rochen Separtion System (India) Pvt Ltd as the applicant and Essar Oil & Gas…

- **Court:** NCLT
- **Order date:** 30 May 2022
- **Citation:** TCN-2022-NCLT-02562
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/essar-oil-and-gas-exploration-and-production-ltd-cpib-49-of-2020-a479c729

## Summary

### Background

The case involves Rochen Separtion System (India) Pvt Ltd as the applicant and Essar Oil & Gas Exploration & Production Ltd as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), Ahmedabad under Section 9 of the Insolvency and Bankruptcy Code (IBC).

## Facts

Rochen Separtion System (India) Pvt Ltd initiated proceedings against Essar Oil & Gas Exploration & Production Ltd under Section 9 of the IBC. Both parties submitted that the matter has been settled. The operational creditor, Rochen Separtion System (India) Pvt Ltd, requested the withdrawal of the main petition. The NCLT Ahmedabad considered the settlement and the request for withdrawal.

## Issues and analysis

### Issue 1: Whether the request for withdrawal of the petition by the operational creditor can be granted based …

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

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**Reasoning:** The court acknowledged the settlement between the parties and the operational creditor's

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**Interpretation:** The legal interpretation is that settlements are encouraged in insolvency

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**Application:** In this case, the settlement between Rochen Separtion System (India) Pvt Ltd

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Rochen Separtion…
- **Respondents:** Essar Oil and Gas…

## Timeline

- **2022-05-30 — Order Del…**: The order was delivered, granting…

## 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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