# 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-02950. 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-02950
- **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-a99186c6

## 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 pertains to CP No. (IB)-62/9/JPR/2020 under Section 9 of the IBC, 2016.

## Facts

M/s New Era Petrochem Pvt. Ltd. (Operational Creditor) initiated proceedings against M/s Shree Ranisati Irrigation Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016. During a previous hearing, Mr. Rajnish Lohia, Director of the Corporate Debtor, stated that the entire amount owed had been paid and the matter was settled. Subsequently, an affidavit of withdrawal of the application was filed on behalf of the Operational Creditor, signed by Mr. Vibhu Purohit, Authorized Signatory. The affidavit confirmed that the Corporate Debtor had amicably settled the dues. Based on this affidavit, the NCLT dismissed the case as withdrawn. The key fact is the settlement between the parties and the subsequent withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the IBC, 2016, can be dismissed as withdrawn based …

**Ratio:** An application under Section 9 of the IBC can be dismissed as withdrawn if the parties

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**Reasoning:** The court considered the submission of Mr. Rajnish Lohia, Director of the Corporate

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**Interpretation:** The interpretation is that once a settlement is reached between the parties in

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**Application:** In this case, the Director of the Corporate Debtor stated that the dues were

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## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Appellants:** M/s New Era…
- **Respondents:** M/s Shree…

## Timeline

- **N/A — Filing of CP No.…**: CP No. (IB)-62/9/JPR/2020 filed…
- **N/A — Previous H…**: Director of Corporate Debtor stated that the entire amount had been paid and the matter…

## 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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