# In the matter of Mauria Udyog Ltd.

> NCLT judgment dated 2023-09-29. Citation: TCN-2023-NCLT-01431. The case involves Kotak Mahindra Bank Limited versus Mauria Udyog Ltd. It appears to be related…

- **Court:** NCLT
- **Order date:** 29 Sept 2023
- **Citation:** TCN-2023-NCLT-01431
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mauria-udyog-ltd-4ba87e8a

## Summary

### Background

The case involves Kotak Mahindra Bank Limited versus Mauria Udyog Ltd. It appears to be related to an insolvency proceeding under Section 7 of the IBC. The counsels for both the petitioner and the respondent are present. A settlement has been reached between the parties.

## Facts

Kotak Mahindra Bank Limited initiated a case against Mauria Udyog Ltd under the IBC, specifically Section 7. During the proceedings, both parties reached a settlement. Consequently, the counsel for the applicant requested the court's permission to withdraw the petition. The court acknowledged the settlement and granted the request, dismissing the petition. Additionally, an application, IA(I.B.C)/1070(KB)2023, was also dismissed as infructuous, likely because it was related to the main petition that was withdrawn.

## Issues and analysis

### Issue 1: Whether the present petition should be dismissed as withdrawn given the settlement between the …

**Ratio:** A petition can be withdrawn if the parties involved reach a settlement and the applicant

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**Reasoning:** The court acknowledges the settlement reached between Kotak Mahindra Bank Limited and

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**Interpretation:** This aligns with the principle that parties are free to resolve their disputes

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**Application:** Since a settlement was reached, and the applicant sought to withdraw the

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Appellants:** Kotak Mahindra…
- **Respondents:** Mauria Udyo…

## Timeline

- **2023-09-29 — Hearing…**: Hearing held on September…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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