# In the matter of SIDBI Vs. Suraj Saxena,CP (IB) No. 252/Chd/Hry/2021

> NCLT judgment dated 2022-05-24. Citation: TCN-2022-NCLT-02646. The case pertains to CP (IB) No. 252/Chd/Hry/2021 filed under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 May 2022
- **Citation:** TCN-2022-NCLT-02646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sidbi-vs-suraj-saxenacp-07abab97

## Summary

### Background

The case pertains to CP (IB) No. 252/Chd/Hry/2021 filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. Small Industries Development Bank of India is the petitioner, acting as the financial creditor, and Suraj Saxena is the respondent, acting as the personal guarantor.

## Facts

Small Industries Development Bank of India, acting as the financial creditor, filed CP (IB) No. 252/Chd/Hry/2021 against Suraj Saxena, the personal guarantor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the advocate for the petitioner, Mr. Dharam Paul Garg, stated that the matter had been settled with OTS (One Time Settlement) and requested to withdraw the petition. The credentials of Mr. Vivek Bansal, RP, were verified by the Registry. The court considered the statement made by the petitioner's advocate and dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition CP (IB) No. 252/Chd/Hry/2021 can be dismissed as withdrawn based on the …

**Ratio:** A petition can be dismissed as withdrawn if the petitioner expresses a desire to withdraw

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**Reasoning:** The court accepted the statement made by the petitioner's advocate, representing the

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**Interpretation:** This demonstrates the court's willingness to respect settlements reached

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**Application:** In this specific case, the petitioner's advocate stated that a settlement was

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Small Industries…
- **Respondents:** Suraj S…
- **Advocates:** Dharam Pau…; Vivek B…

## Timeline

- **N/A — Petition…**: CP (IB) No. 252/Chd/Hry/2021 was filed under Section 95 of the Insolvency and Bankruptcy…
- **N/A — Settleme…**: The petitioner-financial creditor stated…

## 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)

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