# In the matter of Progressive Exim Ltd.

> NCLT judgment dated 2023-12-04. Citation: TCN-2023-NCLT-00466. The case pertains to CP (IB) No. 34/CB/2023 before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 4 Dec 2023
- **Citation:** TCN-2023-NCLT-00466
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/progressive-exim-ltd-0ab73f68

## Summary

### Background

The case pertains to CP (IB) No. 34/CB/2023 before the National Company Law Tribunal (NCLT), Cuttack Bench. The hearing was conducted through VC and Physical (Hybrid) Mode. The matter involves IDBI Bank Ltd. as the petitioner and Progressive Exim Ltd. as the respondent. The case was listed for hearing on December 4, 2023.

## Facts

The case involves IDBI Bank Ltd. as the petitioner and Progressive Exim Ltd. as the respondent in a matter before the NCLT Cuttack Bench. The hearing was held on December 4, 2023. Both parties informed the court that they had reached an amicable settlement outside of court. Consequently, the petitioner sought permission to withdraw the petition. The court granted this request, and the petition was dismissed. The underlying claim is related to Section 7 of the IBC. Sarita Moharan appeared for the petitioner/financial creditor, and Shaswat Kumar Rout appeared for the respondent/corporate debtor.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted permission to withdraw the petition given the amicable …

**Ratio:** A court may grant permission to withdraw a petition if the parties have reached an

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**Reasoning:** The court considered the submission of both parties that they had reached an amicable

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**Interpretation:** This reflects the court's willingness to facilitate settlements between

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**Application:** In this specific case, the court applied the principle by granting permission

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** IDBI Bank…
- **Respondents:** Progressive Exim…
- **Advocates:** Sanjana…; Sarita Mo…; +2 more

## Timeline

- **2023-12-04 — Hearing…**: Hearing held on December…
- **2023-12-04 — Petition Wit…**: Petitioner sought permission to withdraw the…

## 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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