# In the mater of Varaha Infra Ltd.

> NCLT judgment dated 2023-12-06. Citation: TCN-2023-NCLT-00393. The case involves M/s MS Agarwal Foundries Pvt. Ltd., the Operational Creditor, filing a…

- **Court:** NCLT
- **Order date:** 6 Dec 2023
- **Citation:** TCN-2023-NCLT-00393
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/in-the-mater-of-varaha-infra-ltd-895caa56

## Summary

### Background

The case involves M/s MS Agarwal Foundries Pvt. Ltd., the Operational Creditor, filing a petition under Section 9 of the IBC, 2016 against M/s Varaha Infra Ltd., the Corporate Debtor. A settlement agreement was reached between the parties.

## Facts

M/s MS Agarwal Foundries Pvt. Ltd. (Operational Creditor) initiated proceedings against M/s Varaha Infra Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016. During the proceedings, a settlement agreement was entered into between the parties on 2023-09-30. Subsequently, the Operational Creditor sought to withdraw the petition based on the settlement agreement. The court acknowledged the settlement and granted permission for the withdrawal.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the petition based on the settlement agreement …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement agreement and the

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**Reasoning:** The court acknowledged the settlement agreement entered into between the parties and

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**Interpretation:** The legal principle is that parties are free to settle their disputes, and if a

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**Application:** In this case, the Operational Creditor and the Corporate Debtor reached a

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** M/s MS Agarwal…
- **Respondents:** M/s Varaha Infra…

## Timeline

- **2023-09-30 — Settlement Ag…**: Settlement agreement entered…
- **2023-12-06 — Order…**: Petition dismissed as withdrawn…

## 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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