# In the matter of Impex Ferro Tech Ltd. CP (IB) 133-KB-2020

> NCLT judgment dated 2022-04-18. Citation: TCN-2022-NCLT-03234. An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The…

- **Court:** NCLT
- **Order date:** 18 Apr 2022
- **Citation:** TCN-2022-NCLT-03234
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/impex-ferro-tech-ltd-cp-ib-133-kb-2020-22f83e06

## Summary

### Background

An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor, TPI Industries Pvt. Ltd., initiated proceedings against the Corporate Debtor, Impex Ferro Tech Ltd. The Corporate Debtor's counsel appeared in court and stated that the matter was being settled with the Operational Creditor. Two demand drafts were handed over to cover the entire sum claimed in the company petition.

## Facts

TPI Industries Pvt. Ltd., the Operational Creditor, initiated insolvency proceedings against Impex Ferro Tech Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the Corporate Debtor's counsel informed the court that the matter was being settled with the Operational Creditor. The Corporate Debtor handed over two demand drafts, numbered 944125 and 944126, dated 2022-04-01 and 2022-04-04 respectively, for Rs. 2,32,800/- and Rs. 48,926/-, covering the entire sum claimed in the company petition. Upon receiving the demand drafts, the Operational Creditor's counsel requested to withdraw the present proceedings. The court then dismissed the case as withdrawn.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 should be …

**Ratio:** When a settlement is reached between the Operational Creditor and the Corporate Debtor,

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**Reasoning:** The court accepted the submission that the Corporate Debtor was settling the matter with

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**Interpretation:** This legal issue concerns the procedure for withdrawing an application under

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**Application:** In this specific case, the Corporate Debtor settled the matter by providing

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** TPI Industries…
- **Respondents:** Impex Ferro Tech…
- **Advocates:** Akash S…; Ankan…

## Timeline

- **2022-04-01 — Demand Draft…**: Demand Draft No. 944125…
- **2022-04-04 — Demand Draft…**: Demand Draft No. 944126…

## 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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