# 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-02934. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-02934
- **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-2020-877c733c

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s New Era Petrochem Pvt. Ltd. (Operational Creditor) against M/s Shree Ranisati Irrigation Pvt. Ltd. (Corporate Debtor). The matter was listed before the National Company Law Tribunal (NCLT), Jaipur Bench.

## Facts

M/s New Era Petrochem Pvt. Ltd. filed an application against M/s Shree Ranisati Irrigation Pvt. Ltd. under Section 9 of the IBC, 2016. Mr. Rajnish Lohia, Director of the Corporate Debtor, submitted that the entire amount had been paid and settled between the parties. Subsequently, an affidavit of withdrawal of application was filed by Mr. Vibhu Purohit, Authorized Signatory of the Operational Creditor, stating that the Corporate Debtor had amicably settled the entire dues. Diary No. of the affidavit is 1290/2022 dated 2022-04-28. The NCLT Jaipur Bench considered these submissions and the affidavit.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC, 2016, can be dismissed as withdrawn based on …

**Ratio:** An application under Section 9 of the IBC can be dismissed as withdrawn if the

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**Reasoning:** The court considered the affidavit of withdrawal filed by the authorized signatory of the

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**Interpretation:** The legal interpretation is that once the Operational Creditor confirms the

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**Application:** In this case, the Operational Creditor filed an affidavit confirming the

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## Parties

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

## Timeline

- **N/A — Application under…**: M/s New Era Petrochem Pvt. Ltd. filed an application against M/s Shree Ranisati…
- **N/A — Submission by Corporate…**: Mr. Rajnish Lohia, Director of the Corporate Debtor, submitted that the entire amount had…

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