# In the matter of Mauria Udyog Ltd.

> NCLT judgment dated 2023-06-20. Citation: TCN-2023-NCLT-02866. The case pertains to a petition filed by Union Bank of India against Mauria Udyog Ltd under the…

- **Court:** NCLT
- **Order date:** 20 Jun 2023
- **Citation:** TCN-2023-NCLT-02866
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mauria-udyog-ltd-700af156

## Summary

### Background

The case pertains to a petition filed by Union Bank of India against Mauria Udyog Ltd under the Insolvency and Bankruptcy Code (IBC). The hearing was held on June 20, 2023, before the National Company Law Tribunal (NCLT), Kolkata Bench.

## Facts

Union Bank of India filed a petition against Mauria Udyog Ltd under the IBC. During the hearing on June 20, 2023, the counsel for Union Bank of India stated that the matter had been settled between the parties. The entire amount due had been paid by Mauria Udyog Ltd to Union Bank of India, and this was corroborated by the counsel for the Corporate Debtor. Consequently, Union Bank of India sought to withdraw the petition. The key fact is the settlement and full payment, leading to the withdrawal request.

## Issues and analysis

### Issue 1: Whether the petition filed by Union Bank of India against Mauria Udyog Ltd should be dismissed as …

**Ratio:** A petition can be dismissed as withdrawn if the parties have reached a settlement and the

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**Reasoning:** The court reasoned that since the Financial Creditor, Union Bank of India, confirmed the

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**Interpretation:** The interpretation of the law allows for the dismissal of a petition when the

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**Application:** In this specific case, the ratio and reasoning were applied to the facts

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Union Bank of…
- **Respondents:** Mauria Udyo…

## Timeline

- **2023-06-20 — Hearing…**: Hearing held on June 20, 2023, at 02:00…
- **N/A — Settlement and…**: Settlement reached between Union Bank of India and Mauria Udyog Ltd, with full payment…

## 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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