# In the matter of Shree Ranisati Irrigation Pvt. Ltd. CP No. (IB)-62-9-JPR-2020

> NCLT judgment dated 2022-04-29. Citation: TCN-2022-NCLT-02941. The case involves M/s New Era Petrochem Pvt. Ltd. as the Operational Creditor and M/s Shree…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-02941
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ranisati-irrigation-pvt-ltd-cp-no-ib-62-9-jpr-2020-1b403a48

## Summary

### Background

The case involves M/s New Era Petrochem Pvt. Ltd. as the Operational Creditor and M/s Shree Ranisati Irrigation Pvt. Ltd. as the Corporate Debtor. The matter was filed under Section 9 of the IBC, 2016. The Corporate Debtor's director, Mr. Rajnish Lohia, had previously stated that the entire amount had been paid and settled between the parties.

## Facts

M/s New Era Petrochem Pvt. Ltd. initiated proceedings against M/s Shree Ranisati Irrigation Pvt. Ltd. under Section 9 of the IBC, 2016. Mr. Rajnish Lohia, Director of the Corporate Debtor, previously stated that the entire amount had been paid and settled. An affidavit of withdrawal of application was filed on 2022-04-28 by Mr. Vibhu Purohit, Authorized Signatory of the Operational Creditor, confirming that the Corporate Debtor had amicably settled the entire dues. Based on this affidavit, the case was dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the CP No. (IB)-62/9/JPR/2020 should be dismissed as withdrawn based on the affidavit …

**Ratio:** A case can be dismissed as withdrawn when the parties have settled the matter amicably

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**Reasoning:** The court relied on the affidavit of withdrawal filed by the Authorized Signatory of the

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**Interpretation:** The legal interpretation is that when an operational creditor confirms

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**Application:** In this case, the affidavit of withdrawal confirmed the settlement. Therefore,

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** M/s New Era…
- **Respondents:** M/s Shree…

## Timeline

- **N/A — Previous H…**: Mr. Rajnish Lohia, Director of the Corporate Debtor, stated that the entire amount had…
- **2022-04-28 — Affidavit of Withdrawal…**: An affidavit of withdrawal of application was filed vide Diary No. 1290/2022 on behalf of…

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