# In the matter of Sri Raghavendra Ferro Alloys Private Limited

> NCLT judgment dated 2023-05-22. Citation: TCN-2023-NCLT-03235. An application (IA 806/2023) was filed by the Interim Resolution Professional (IRP) seeking…

- **Court:** NCLT
- **Order date:** 22 May 2023
- **Citation:** TCN-2023-NCLT-03235
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-raghavendra-ferro-alloys-private-limited-d7f6b87c

## Summary

### Background

An application (IA 806/2023) was filed by the Interim Resolution Professional (IRP) seeking leave to withdraw the proceedings initiated against the Corporate Debtor. The proceedings were presented against the Corporate Debtor vide dated 01/05/2023.

## Facts

An application, IA 806/2023, was filed by the IRP to withdraw proceedings against Sri Raghavendra Ferro Alloys Private Limited, the Corporate Debtor. The proceedings were initiated on 01/05/2023. The Corporate Debtor settled the matter with the Operational Creditor, M/s Carbon Fuels, and discharged the agreed amount via Demand Drafts. Details of the settlement are in Form FA dated 08/05/2023. The Committee of Creditors (CoC) was not constituted.

## Issues and analysis

### Issue 1: Whether the application filed by the IRP for withdrawal of proceedings against the Corporate Debtor …

**Ratio:** When a settlement is reached between the Corporate Debtor and the Operational Creditor,

…

**Reasoning:** The court reasoned that since the Corporate Debtor had settled the matter with the

…

**Interpretation:** This interpretation suggests that the absence of a constituted Committee of

…

**Application:** In this specific case, the Corporate Debtor, Sri Raghavendra Ferro Alloys

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s Carbon…
- **Respondents:** Raghavendra Ferro…

## Timeline

- **2023-05-01 — Proceedings P…**: Proceedings were presented…
- **2023-05-08 — Form FA…**: Form FA detailing the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-raghavendra-ferro-alloys-private-limited-d7f6b87c