# In the matter of Superfine Metals Private Limited

> NCLT judgment dated 2024-03-28. Citation: TCN-2024-NCLT-01929. The case involves Euro Alloys Limited versus Superfine Metals Private Limited. The counsels for…

- **Court:** NCLT
- **Order date:** 28 Mar 2024
- **Citation:** TCN-2024-NCLT-01929
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/superfine-metals-private-limited-2ebb3274

## Summary

### Background

The case involves Euro Alloys Limited versus Superfine Metals Private Limited. The counsels for both the Operational Creditor (OC) and Corporate Debtor (CD) jointly submitted that the matter has been settled between the parties, and the OC has tendered Consent Terms to the bench.

## Facts

Euro Alloys Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Superfine Metals Private Limited. The counsels representing both parties, the Operational Creditor (Euro Alloys Limited) and the Corporate Debtor (Superfine Metals Private Limited), jointly informed the court that they had reached a settlement. The Operational Creditor also submitted Consent Terms to the court, indicating an agreement on the resolution of the matter. Consequently, the Operational Creditor sought to withdraw the Corporate Petition, with the court granting permission to do so, allowing the Operational Creditor the option to revive the petition if the conditions outlined in the Consent Terms were not met.

## Issues and analysis

### Issue 1: Whether the Corporate Petition can be withdrawn based on the settlement between the Operational …

**Ratio:** A Corporate Petition can be withdrawn if the parties involved reach a settlement and the

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**Reasoning:** The court reasoned that since both parties had reached a settlement and the Operational

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**Interpretation:** This interpretation allows for the withdrawal of a Corporate Petition when a

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**Application:** In this specific case, the court applied the ratio by allowing the withdrawal

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Appellants:** Euro Alloys…
- **Respondents:** Superfine Metals…

## Timeline

- **2024-03-28 — Order Sheet of…**: The court heard the matter and noted the joint submission of settlement and the tendered…

## 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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