# In the matter of Sadbhav Engineering Ltd. C.P. (I.B)-23(AHM)-2022

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-02894. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02894
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sadbhav-engineering-ltd-cp-ib-23ahm-2022-05a8becd

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Operational Creditor sought to withdraw the matter, stating that it had been settled and a withdrawal memo had been filed.

## Facts

Devesh Ramesh Chandra Gandhi, proprietor of Phoenix Industrial & Marine Spares, filed an application as the Applicant against Sadbhav Engineering Ltd as the Respondent. The Operational Creditor (Applicant) submitted that the matter had been settled and filed a withdrawal memo, seeking permission to withdraw the matter. The court recorded the statement of the Operational Creditor.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the application filed …

**Ratio:** The legal principle applied here is that if the parties have settled the matter and the

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**Reasoning:** The court reasoned that since the Operational Creditor submitted that the matter was

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**Interpretation:** This interpretation suggests that the court prioritizes settlement between

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**Application:** In this specific case, the Operational Creditor sought to withdraw the

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Devesh Ramesh…
- **Respondents:** Sadbhav Engineerin…
- **Advocates:** Vaibhav M…; Nidresh…

## Timeline

- **2022-05-04 — Order Del…**: The order was delivered on May 4, 2022,…

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