# In the matter of Kadmawala Textile Mills Pvt. Ltd.

> NCLT judgment dated 2023-08-02. Citation: TCN-2023-NCLT-02216. The case pertains to proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 2 Aug 2023
- **Citation:** TCN-2023-NCLT-02216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kadmawala-textile-mills-pvt-ltd-2348d7cd

## Summary

### Background

The case pertains to proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC). Textile Chemical Industries filed an application against Kadmawala Textile Mills Pvt Ltd. The applicant sought to withdraw the application.

## Facts

Textile Chemical Industries filed an application under Section 9 of the IBC against Kadmawala Textile Mills Pvt Ltd. Ms. Ritu Chawla, representing the applicant, stated that the matter had been settled and filed a pursish for withdrawal. Mr. Riddhesh Trivedi, representing the Corporate Debtor, confirmed the settlement. The key fact is the settlement between the parties, leading to the applicant's request to withdraw the application. The court considered this settlement as the basis for allowing the withdrawal.

## Issues and analysis

### Issue 1: Whether the application CP(IB) 340 of 2022 can be allowed to be withdrawn based on the settlement …

**Ratio:** An application under Section 9 of the IBC can be withdrawn if the applicant and the

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**Reasoning:** The court reasoned that since both parties confirmed the settlement and the applicant

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**Interpretation:** This interpretation allows for the withdrawal of IBC applications when a

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**Application:** In this case, the applicant, Textile Chemical Industries, and the Corporate

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## Parties

- **Judges:** SHAMMI…; Ajai Das Me…
- **Appellants:** Textile Chemical…
- **Respondents:** Kadmawala Textile…

## Timeline

- **N/A — Application…**: Textile Chemical Industries filed an application under Section 9 of the IBC against…
- **N/A — Settleme…**: The applicant and the Corporate…

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