# In the matter of Sebros Steels Private Limited

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-02774. The case involves a Company Petition No. 1344 of 2020. After the admission order, the matter…

- **Court:** NCLT
- **Order date:** 28 Jun 2023
- **Citation:** TCN-2023-NCLT-02774
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sebros-steels-private-limited-07e47e5e

## Summary

### Background

The case involves a Company Petition No. 1344 of 2020. After the admission order, the matter was settled between the parties. Consequently, an application under section 12A of the Code was filed before the Tribunal. The Counsel for the Petitioner stated that the Committee of Creditors (COC) had not been constituted yet.

## Facts

The RP filed an application seeking withdrawal of Company Petition No. 1344 of 2020. The matter was settled between the parties after the admission order. An application under section 12A of the Code was filed. The Counsel for the Petitioner stated that the COC had not been constituted. The CIRP order dated 17.04.2023 is recalled.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition can be allowed given that the matter …

**Ratio:** When the matter has been settled between the parties and the COC has not been

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**Reasoning:** The court reasoned that since the matter had been settled between the parties and the COC

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**Interpretation:** This implies that the court prioritizes settlement between parties, especially

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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:** ANURADHA SANJAY…; Kuldip Kumar…
- **Appellants:** AGRASEN IRON AND…
- **Respondents:** SEBROS STEELS…
- **Advocates:** Abhishek…; Krishnan…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No.…
- **2023-04-17 — CIRP Ord…**: CIRP order was…

## 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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