# In the matter of Purulia Metal Castng Private Limited C.P. (IB)-258(KB)2021

> NCLT judgment dated 2023-04-05. Citation: TCN-2023-NCLT-03894. The case involves Ajay Kumar Agarwal, proprietor of Satyam Enterprises, as the operational…

- **Court:** NCLT
- **Order date:** 5 Apr 2023
- **Citation:** TCN-2023-NCLT-03894
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/purulia-metal-castng-private-limited-cp-ib-258kb2021-fdd34563

## Summary

### Background

The case involves Ajay Kumar Agarwal, proprietor of Satyam Enterprises, as the operational creditor, versus Purulia Metal Casting Private Limited as the corporate debtor. The operational creditor filed a petition under Section 9 of the IBC. The hearing took place on April 5, 2022.

## Facts

Ajay Kumar Agarwal, operating as Satyam Enterprises, initiated insolvency proceedings against Purulia Metal Casting Private Limited under Section 9 of the IBC, acting as the operational creditor. During the proceedings, the operational creditor's counsel informed the court that full payment had been received from the corporate debtor. A settlement agreement dated February 5, 2022, was submitted as evidence, showing that Purulia Metal Casting Private Limited had issued post-dated cheques to settle the outstanding debt. Consequently, the operational creditor sought permission to withdraw the petition, which the court granted, leading to the dismissal of the Corporate Petition.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the petition after receiving full payment from the …

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

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**Reasoning:** The court reasoned that since the operational creditor confirmed receipt of full payment

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**Interpretation:** This interprets the provisions of the IBC to allow for the resolution of

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**Application:** In this specific case, the operational creditor, having received full payment

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Ajay Kumar…
- **Respondents:** Purulia Metal…

## Timeline

- **2022-02-05 — Settlement Agreement…**: Settlement agreement between the parties was executed, with the Corporate Debtor issuing…
- **2022-04-05 — Hearing…**: Hearing held where the Operational Creditor submitted that full payment had been received…

## 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)

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