# In the matter of JSW Corporation Private Limited IA-1989-2021 in C.P.(IB)-385(MB)-2021

> NCLT judgment dated 2022-02-24. Citation: TCN-2022-NCLT-03979. The case involves IA-1989/2021 filed in C.P.(IB)/385(MB)/2021 before the National Company Law…

- **Court:** NCLT
- **Order date:** 24 Feb 2022
- **Citation:** TCN-2022-NCLT-03979
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jsw-corporation-private-limited-ia-1989-2021-in-cpib-385mb-2021-025c7012

## Summary

### Background

The case involves IA-1989/2021 filed in C.P.(IB)/385(MB)/2021 before the National Company Law Tribunal, Mumbai Bench, Court-IV. The Operational Creditor filed the IA for withdrawal of the main CP(IB)-385/2021.

## Facts

The Operational Creditor filed IA-1989/2021 seeking withdrawal of the main petition CP(IB)-385/2021. The reason for the withdrawal is that the parties involved have reached a settlement. Ms. Nasrin Shaik i/b Ms. Vatsala Pant, Ld. Counsel, represented the Operational Creditor/Petitioner. No one was present for the Corporate Debtor. The court, after considering the settlement, allowed the withdrawal and dismissed the main petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main petition CP(IB)-385/2021 should be allowed based …

**Ratio:** When parties to a case have settled their dispute, the court may allow the withdrawal of

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**Reasoning:** The court reasoned that since the parties have settled the matter between them, the

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**Interpretation:** The interpretation is that a settlement between the parties provides a valid

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**Application:** In this case, the Operational Creditor filed an application for withdrawal of

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## Parties

- **Judges:** KISHORE VEMULAPALL…; RAJESH S…
- **Appellants:** Crest Ventures…
- **Respondents:** JSM Corporation…
- **Advocates:** Nasrin…; Vatsala…

## Timeline

- **2022-02-24 — Order Sheet of…**: The court convened through video conference. IA-1989/2021 was disposed of and Petition…

## 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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