# In the matter of Kadakia Plastics and Chemicals Pvt. Ltd. IA 468-2022 in C.P. (IB)-4009(MB)-2018

> NCLT judgment dated 2022-02-24. Citation: TCN-2022-NCLT-03985. The present application, IA 468 of 2022, was filed by the applicant seeking withdrawal of the…

- **Court:** NCLT
- **Order date:** 24 Feb 2022
- **Citation:** TCN-2022-NCLT-03985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kadakia-plastics-and-chemicals-pvt-ltd-ia-468-2022-in-cp-ib-4009mb-2018-0870420f

## Summary

### Background

The present application, IA 468 of 2022, was filed by the applicant seeking withdrawal of the Company Petition. Both parties filed a consent term, wherein the Corporate Debtor agreed to pay Rs. 9,17,382/- along with 21% interest to the Operational Creditor in three installments, with the last installment due on 2022-03-21.

## Facts

The applicant filed IA 468 of 2022 seeking withdrawal of the Company Petition. Both parties submitted consent terms, agreeing that the Corporate Debtor would pay Rs. 9,17,382/- to the Operational Creditor, along with 21% interest per annum. The payment was to be made in three installments, with the final installment due on 2022-03-21. The court considered the submissions of the counsel for the Operational Creditor and the averments in the application. The Corporate Debtor's agreement to pay the outstanding amount is a key fact influencing the court's decision to allow the withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition, based on the consent terms agreed …

**Ratio:** A Company Petition can be withdrawn if both parties agree to it and file consent terms,

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**Reasoning:** The court reasoned that since both parties had agreed to the consent terms, and the

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**Interpretation:** This interpretation allows for the withdrawal of a Company Petition when both

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**Application:** In this case, the Corporate Debtor agreed to pay Rs. 9,17,382/- with 21%

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** Sanjay Chemicals…
- **Respondents:** Kadakia Plastics…
- **Advocates:** Suyesha K…; Dhanvi S…

## Timeline

- **2022-02-24 — Order Shee…**: Order sheet of the hearing of Mumbai Bench…
- **2022-03-21 — Last Installm…**: Last installment of the agreed payment…

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