# 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-02648. 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-02648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sidbi-vs-vikrant-rai-mehtacp-199f6330

## 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, while 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 OTS. Consequently, the petitioner sought to withdraw the petition. The court considered this statement and dismissed the petition as withdrawn. The verification of credentials of Mr. Vivek Bansal, RP by the Registry is also a relevant fact.

## Issues and analysis

### Issue 1: Whether CP (IB) No. 254/Chd/Hry/2021 should be dismissed as withdrawn based on the petitioner's …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement and the petitioner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 accepted the statement of the petitioner's counsel that the matter has been

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**Interpretation:** This reflects the principle that courts generally respect settlements reached

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**Application:** In this case, the petitioner's statement regarding the OTS settlement was

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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/…
- **2022-05-24 — Order of Di…**: CP (IB) No. 254/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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