# 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-02653. 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-02653
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sidbi-vs-suraj-saxenacp-984ac89c

## 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 (SIDBI) filed the petition as a financial creditor against Suraj Saxena, the personal guarantor.

## Facts

Small Industries Development Bank of India (SIDBI) initiated insolvency proceedings against Suraj Saxena, a personal guarantor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. The case was filed as CP (IB) No. 252/Chd/Hry/2021. During the proceedings, the advocate representing SIDBI, Mr. Dharam Paul Garg, informed the court that the matter had been settled through a One Time Settlement (OTS). Consequently, SIDBI sought to withdraw the insolvency petition. The court, after considering the statement, dismissed the petition as withdrawn. The credentials of Mr. Vivek Bansal, RP, were checked and verified by the Registry.

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### Issue 1: Whether CP (IB) No. 252/Chd/Hry/2021 should be dismissed as withdrawn based on the petitioner's …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement and the petitioner

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

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**Interpretation:** The legal principle allows for the withdrawal of a petition when the involved

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**Application:** In this specific case, the petitioner-financial creditor, SIDBI, through its

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## Parties

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

## Timeline

- **N/A — CP (IB) No. 252/Chd/Hry/…**: CP (IB) No. 252/Chd/Hry/2021 filed under Section 95 of the Insolvency and Bankruptcy…
- **2022-05-24 — Order…**: 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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