# In the matter of Greentech Mega Food Park Ltd. IA No. 140-JPR-2022 in CP No. (IB)-58-9-JPR-2020

> NCLT judgment dated 2022-08-26. Citation: TCN-2022-NCLT-01240. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 26 Aug 2022
- **Citation:** TCN-2022-NCLT-01240
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/greentech-mega-food-park-ltd-ia-no-140-jpr-2022-in-cp-no-ib-58-9-jpr-2020-100c25bb

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by M/s Osaw Agro Industries Pvt. Ltd. (Operational Creditor/Applicant) against Greentech Mega Food Park Ltd. (Corporate Debtor/Respondent). The matter was presented before the National Company Law Tribunal (NCLT), Jaipur Bench, via video conferencing.

## Facts

M/s Osaw Agro Industries Pvt. Ltd., the Operational Creditor/Applicant, initiated proceedings against Greentech Mega Food Park Ltd., the Corporate Debtor/Respondent, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The case, CP No. (IB)-58/9/JPR/2020, was heard by the National Company Law Tribunal (NCLT), Jaipur Bench. During the proceedings, the Learned Counsel for the Petitioner submitted that the matter had been amicably settled between the parties. Consequently, the Petitioner sought to withdraw the petition. The relevance of the amicable settlement is that it provided the basis for the withdrawal of the petition, leading to the dismissal of the case.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the petition CP No. …

**Ratio:** The legal principle applied here is that a party is generally allowed to withdraw a

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**Reasoning:** The court reasoned that since the Learned Counsel for the Petitioner submitted that the

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**Interpretation:** The interpretation of the legal issue involves understanding the court's

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**Application:** In this specific case, the ratio and reasoning were applied to the facts

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## Parties

- **Judges:** Deep Chandr…
- **Appellants:** M/s Osaw Agro…
- **Respondents:** Greentech Mega…

## Timeline

- **2020-01-01 — CP No. (IB)-58/9/JPR/202…**: CP No. (IB)-58/9/JPR/2020 filed…
- **2022-08-26 — Order Da…**: Order passed by NCLT…

## 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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