# 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-02636. 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-02636
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sidbi-vs-suraj-saxenacp-93d71195

## 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 a petition (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 petitioner's counsel, Mr. Dharam Paul Garg, stated that the matter had been settled with OTS (One Time Settlement) and requested to withdraw the petition. The registry verified the credentials of Mr. Vivek Bansal, RP. Consequently, the court dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether CP (IB) No. 252/Chd/Hry/2021 should be dismissed as withdrawn based on the petitioner's …

**Ratio:** A petition can be dismissed as withdrawn if the petitioner states that the matter has

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**Reasoning:** The court accepted the statement made by the learned counsel for the petitioner-financial

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**Interpretation:** This reflects the principle that parties are free to settle their disputes

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

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## Parties

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

## Timeline

- **2021-01-01 — Case Fil…**: CP (IB) No. 252/Chd/Hry/…
- **2022-05-24 — Order Da…**: CP (IB) No. 252/Chd/Hry/2021…

## 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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