# In the matter of Gokul Exim Private Limited

> NCLT judgment dated 2023-10-19. Citation: TCN-2023-NCLT-01107. The case involves a restoration application (R.A (IBC)/153/2023) filed by Jatalia Global…

- **Court:** NCLT
- **Order date:** 19 Oct 2023
- **Citation:** TCN-2023-NCLT-01107
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gokul-exim-private-limited-7c73e562

## Summary

### Background

The case involves a restoration application (R.A (IBC)/153/2023) filed by Jatalia Global Ventures Limited ('applicant/operational creditor') to revive a previously withdrawn Company Petition (C.P.(IB)/1456/ND/2018) against Gokul Exim Private Limited ('Corporate Debtor'). The initial petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in payment of operational debt. However, before the admission of the initial application, the applicant and corporate debtor entered into a settlement agreement dated 15.09.2021, wherein the corporate debtor agreed to pay a sum of Rs.1,54,00,000/- on or before 31.12.2021 against the total outstanding amount of Rs.

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## Facts

M/s. Jatalia Global Ventures Limited ('applicant/operational creditor') filed C.P.(IB)/1456/ND/2018 under Section 9 of the IBC, 2016, against M/s. Gokul Exim Private Limited ('Corporate Debtor') due to default in payment of operational debt amounting to Rs.1,76,56,269/-. Before admission of the application, both parties entered into a settlement agreement dated 15.09.2021, wherein the Corporate Debtor agreed to pay Rs.1,54,00,000/- by 31.12.2021. Consequently, a joint application (I.A/4189/ND/2021) was filed to withdraw C.P.(IB)/1456/ND/2018, which was allowed on 20.09.2021. The Corporate Debtor allegedly failed to comply with the settlement agreement. The Applicant filed a restoration application (R.A (IBC)/153/2023) to revive C.P.(IB)/1456/ND/2018. The Corporate

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## Issues and analysis

### Issue 1: Whether the restoration of the C.P.(IB)/1456/2018, an application filed under Section 9 of the …

**Ratio:** Once an application is withdrawn without liberty to restore, it cannot be revived unless

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**Reasoning:** The Adjudicating Authority's order dated 20.09.2021 allowed the withdrawal of

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**Interpretation:** The court interpreted that the withdrawal of the initial application based on

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**Application:** Since the initial application was withdrawn without liberty to restore, and the

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## Parties

- **Judges:** MANNI SANKARIAH…; BINOD KUMAR…
- **Appellants:** Jatalia Global…
- **Respondents:** Gokul Exim…; Gokul Exim Pvt.…

## Timeline

- **2018-01-01 — Initial Appl…**: C.P.(IB)/1456/ND/2018 filed…
- **2021-09-15 — Settlement Ag…**: Applicant and Corporate Debtor…

## 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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