# 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-03976. 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-03976
- **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-2021-72e93ea6

## Summary

### Background

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

## Facts

The Operational Creditor, represented by Ms. Nasrin Shaik i/b Ms. Vatsala Pant, filed IA-1989/2021 seeking withdrawal of the main petition CP(IB)-385/2021. The reason for the withdrawal is that the parties have settled the matter between themselves. No one was present for the Corporate Debtor. The court convened through video conference.

## Issues and analysis

### Issue 1: Whether the withdrawal of IA-1989/2021 should be allowed based on the settlement between the …

**Ratio:** The principle is that if parties have settled a matter, withdrawal of an application

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

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**Interpretation:** This interprets the right of parties to settle disputes and the court's role in

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**Application:** The ratio and reasoning are applied to the specific facts of the case where the

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## Parties

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

## Timeline

- **2022-02-24 — Order Sheet of…**: Order sheet of the…
- **2021-01-01 — Filing of IA-1…**: IA-1989/2021 has been filed by the Operational Creditor for withdrawal of the main…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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