# In the matter of Radheshyam Industries Pvt. Ltd. C.P. (IB)-490(KB)-2019

> NCLT judgment dated 2022-10-12. Citation: TCN-2022-NCLT-00765. The case involves Jay Baba Bakreswar Rice Mill [P] Ltd as the operational creditor and…

- **Court:** NCLT
- **Order date:** 12 Oct 2022
- **Citation:** TCN-2022-NCLT-00765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/radheshyam-industries-pvt-ltd-cp-ib-490kb-2019-1adaa52a

## Summary

### Background

The case involves Jay Baba Bakreswar Rice Mill [P] Ltd as the operational creditor and Radhashyam Industries Pvt. Ltd. as the corporate debtor. The operational creditor filed a petition under Section 9 of the IBC. The corporate debtor tendered demand drafts to cover the principal amount and interest due.

## Facts

The principal amount due from 2018-12-07 was Rs. 10,20,051.00. Interest at 9% from 2018-12-07 to 2022-10-15 amounted to Rs. 3,54,391.68. The corporate debtor tendered two demand drafts: D.D. No. 025708 dated 2022-09-23 for Rs. 10,20,051.00 and D.D. No. 025730 dated 2022-10-01 for Rs. 3,54,392.00, both in favor of the operational creditor, Jay Baba Bakreswar Rice Mill (P) Ltd. The operational creditor accepted the amount tendered by the corporate debtor.

## Issues and analysis

### Issue 1: Whether the operational creditor can withdraw the CP(IB)/490(KB)2019 after the corporate debtor …

**Ratio:** An operational creditor is permitted to withdraw a petition filed under the IBC if the

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**Reasoning:** The court reasoned that since the operational creditor accepted the amount tendered by

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**Interpretation:** The interpretation is that the IBC provides flexibility for parties to resolve

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**Application:** In this case, the corporate debtor tendered demand drafts covering the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Radhashyam…

## Timeline

- **2018-12-07 — Principal Amo…**: Principal amount of Rs.…
- **2018-12-07 — Interest Calculation…**: Interest calculation…

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