# In the matter of Status Seramik India Pvt. Ltd. CP(IB) 645 of 2019

> NCLT judgment dated 2022-04-06. Citation: TCN-2022-NCLT-03342. The case pertains to an application under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 6 Apr 2022
- **Citation:** TCN-2022-NCLT-03342
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/status-seramik-india-pvt-ltd-cpib-645-of-2019-8475640d

## Summary

### Background

The case pertains to an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The operational creditor and the corporate debtor have amicably settled the matter and executed a settlement deed dated 14.03.2022. The applicant has filed a pursis along with a copy of the settlement deed.

## Facts

The case involves Kenil Ploymers as the applicant and Status Seramik India Pvt Ltd as the respondent. The matter was filed under Section 9 of the IBC. The parties reached an amicable settlement, executing a settlement deed dated 14.03.2022. The applicant sought to withdraw the application based on this settlement. The copy of the settlement deed was annexed with the pursis filed by the applicant. The court granted the prayer for withdrawal, disposing of the application.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC can be withdrawn based on an amicable settlement …

**Ratio:** An application under Section 9 of the IBC can be withdrawn if the parties have amicably

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**Reasoning:** The court accepted the submission of the learned counsel for the operational creditor

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**Interpretation:** This interpretation allows for the withdrawal of an application under Section 9

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**Application:** In this case, the parties reached an amicable settlement, and the applicant

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** Kenil Plo…
- **Respondents:** Status Seramik…

## Timeline

- **2022-03-14 — Settlement Deed…**: Parties amicably settled the matter…
- **2022-04-06 — Order Del…**: The court allowed the withdrawal of 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)

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