# In the matter of SIDBI Vs. Navrattan Munjal,CP (IB) No. 257/Chd/Hry/2021

> NCLT judgment dated 2022-05-24. Citation: TCN-2022-NCLT-02649. The case pertains to CP (IB) No. 257/Chd/Hry/2021 filed under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 May 2022
- **Citation:** TCN-2022-NCLT-02649
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sidbi-vs-navrattan-munjalcp-030cf751

## Summary

### Background

The case pertains to CP (IB) No. 257/Chd/Hry/2021 filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. The petitioner is Small Industries Development Bank of India, acting as the financial creditor, and the respondent is Navrattan Munjal, acting as the personal guarantor. The matter was presented through video conferencing.

## Facts

Small Industries Development Bank of India, the petitioner, filed CP (IB) No. 257/Chd/Hry/2021 against Navrattan Munjal, the respondent, under Section 95 of the Insolvency and Bankruptcy Code, 2016. Mr. Dharam Paul Garg, Advocate, represented the petitioner-financial creditor. The credentials of Mr. Vivek Bansal, RP, were checked and verified by the Registry. The petitioner's counsel stated that the matter had been settled with an OTS (One Time Settlement) and requested to withdraw the petition. The court, considering the statement, dismissed the petition as withdrawn. The key fact is the settlement with OTS, which led to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether CP (IB) No. 257/Chd/Hry/2021 should be dismissed as withdrawn based on the petitioner's …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement, and the petitioner

…

**Reasoning:** The court considered the statement made by the learned counsel for the

…

**Interpretation:** This implies that when a settlement is reached between the parties in an

…

**Application:** In this case, the petitioner-financial creditor stated that the matter had been

…

## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Small Industries…
- **Respondents:** Navrattan…

## Timeline

- **N/A — Filing of CP (IB) No.…**: Small Industries Development Bank of India filed CP (IB) No. 257/Chd/Hry/2021 against…
- **2022-05-24 — Dismissal of CP (IB)…**: CP (IB) No. 257/Chd/Hry/2021 was dismissed as withdrawn based on the statement made by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sidbi-vs-navrattan-munjalcp-030cf751