# In the matter of SIDBI Vs. Vikrant Rai Mehta,CP (IB) No. 254/Chd/Hry/2021

> NCLT judgment dated 2022-05-24. Citation: TCN-2022-NCLT-02634. The case pertains to CP (IB) No. 254/Chd/Hry/2021 filed under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 May 2022
- **Citation:** TCN-2022-NCLT-02634
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sidbi-vs-vikrant-rai-mehtacp-0b2f183c

## Summary

### Background

The case pertains to CP (IB) No. 254/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 Vikrant Rai Mehta is the respondent, acting as the personal guarantor.

## Facts

Small Industries Development Bank of India, acting as the financial creditor, filed CP (IB) No. 254/Chd/Hry/2021 against Vikrant Rai Mehta, the personal guarantor, under Section 95 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the petitioner's counsel stated that the matter had been settled with an One-Time Settlement (OTS). Consequently, the petitioner sought to withdraw the petition. The court, considering the statement made by the petitioner's counsel, dismissed the petition as withdrawn. The credentials of Mr. Vivek Bansal, RP, were verified by the Registry.

## Issues and analysis

### Issue 1: Whether the petition CP (IB) No. 254/Chd/Hry/2021 can be dismissed as withdrawn based on the …

**Ratio:** A petition can be dismissed as withdrawn if the petitioner expresses a desire to withdraw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 of the petitioner's counsel that the matter had been

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**Interpretation:** This reflects the principle that courts generally respect the autonomy of

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**Application:** In this case, the petitioner, Small Industries Development Bank of India,

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## Parties

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

## Timeline

- **2021-01-01 — Filing of CP (IB) No.…**: CP (IB) No. 254/Chd/Hry/2021 was filed by Small Industries Development Bank of India…
- **2022-05-24 — Dismissal of CP (IB)…**: CP (IB) No. 254/Chd/Hry/2021 was dismissed as withdrawn following the statement by the…

## 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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