# In the matter of Man Pakash Talkies Pvt. Ltd.

> NCLT judgment dated 2023-02-10. Citation: TCN-2023-NCLT-04638. The case pertains to CP No. (IB)-294/9/JPR/2019 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 10 Feb 2023
- **Citation:** TCN-2023-NCLT-04638
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/man-pakash-talkies-pvt-ltd-9c6e90d2

## Summary

### Background

The case pertains to CP No. (IB)-294/9/JPR/2019 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. Udai Kant Mishra Prop. Surya Properties and Investments, the operational creditor, filed the petition against Man Prakash Talkies Pvt. Ltd., the corporate debtor. The matter was heard through video conferencing.

## Facts

Udai Kant Mishra Prop. Surya Properties and Investments (Operational Creditor) filed CP No. (IB)-294/9/JPR/2019 against Man Prakash Talkies Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016. During the proceedings, the Operational Creditor's counsel, Mr. Anuroop Singhi, submitted that the agreed amount had been received from the Corporate Debtor. Consequently, the Operational Creditor expressed the desire to withdraw the petition. The court granted permission for the withdrawal, leading to the dismissal of the petition. The key fact is the settlement between the parties, leading to the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the petition filed under Section 9 of the IBC, 2016, …

**Ratio:** An operational creditor is permitted to withdraw a petition filed under Section 9 of the

…

**Reasoning:** The court reasoned that since the operational creditor received the agreed amount and

…

**Interpretation:** This interpretation suggests that the IBC allows for flexibility in resolving

…

**Application:** In this case, the operational creditor received the agreed amount from the

…

## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Udai Kant Mishra…
- **Respondents:** Man Prakash…
- **Advocates:** Anuroop S…; Prateek K…

## Timeline

- **2019-01-01 — Petition…**: CP No. (IB)-294/9/JPR/2019 was…
- **2023-02-10 — Order Is…**: The court dismissed CP No. (IB)-294/9/JPR/2019 as withdrawn after the Operational…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/man-pakash-talkies-pvt-ltd-9c6e90d2