# In the matter of Oil Country Tubular Ltd. IA (IBC)-975-2022 in CP (IB) No. 227-9-HDB-2019

> NCLT judgment dated 2022-09-21. Citation: TCN-2022-NCLT-00984. The application was filed by the Resolution Professional (RP) seeking leave from the…

- **Court:** NCLT
- **Order date:** 21 Sept 2022
- **Citation:** TCN-2022-NCLT-00984
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/oil-country-tubular-ltd-ia-ibc-975-2022-in-cp-ib-no-227-9-hdb-2019-62676bc7

## Summary

### Background

The application was filed by the Resolution Professional (RP) seeking leave from the Adjudicating Authority to withdraw the Corporate Insolvency Resolution Process (CIRP) proceedings initiated against the Corporate Debtor. The CIRP was initiated based on a Company Petition No. 220/2019 dated 28.01.2020.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Oil Country Tubular Ltd based on Company Petition No. 220/7/HDB/2019, which was ordered on 28.01.2020. Subsequently, the Corporate Debtor, Oil Country Tubular Ltd, settled its dues with the Financial Creditor, State Bank of India, under a One-Time Settlement (OTS). A resolution was passed with 100% voting to withdraw the Company Petition, and Form-A was filed. The Resolution Professional (RP) then filed an application (IA No. 975/2022) seeking leave from the Adjudicating Authority to withdraw the CIRP proceedings. Certain claims were received pursuant to the publication of the notice.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant leave for withdrawal of the CIRP proceedings …

**Ratio:** The legal principle applied is that if the Corporate Debtor settles its dues with the

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**Reasoning:** The court reasoned that since the Corporate Debtor had settled the dues with the

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**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code (IBC) allows for

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Respondents:** Oil Country…

## Timeline

- **2020-01-28 — CIRP Init…**: CIRP proceedings initiated against the Corporate Debtor, Oil Country Tubular Ltd, vide…
- **2022-09-21 — Hearing…**: Hearing held on 21.09.2022 at…

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