# In the matter of Tarun Alloys Ltd.

> NCLT judgment dated 2023-08-04. Citation: TCN-2023-NCLT-02166. The case involves a petition filed by Ajay Overseas Pvt. Ltd., the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 4 Aug 2023
- **Citation:** TCN-2023-NCLT-02166
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tarun-alloys-ltd-1f198b4f

## Summary

### Background

The case involves a petition filed by Ajay Overseas Pvt. Ltd., the Operational Creditor, against Tarun Alloys Ltd. & Ors., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor sought to initiate corporate insolvency resolution process against the Corporate Debtor.

## Facts

Ajay Overseas Pvt. Ltd. filed a petition against Tarun Alloys Ltd. & Ors. under Section 9 of the IBC, 2016. The case was presented before the NCLT Jaipur Bench. During the proceedings, the Operational Creditor, Ajay Overseas Pvt. Ltd., represented by Mr. Shivangshu Naval, submitted that the matter had been settled amicably with the Corporate Debtor, Tarun Alloys Ltd. & Ors., who was represented by Mr. Prateek Kedawat. Consequently, the Operational Creditor sought to withdraw the petition. The NCLT granted permission for the withdrawal, leading to the dismissal of the case.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw a petition filed under Section 9 of the IBC, 2016, …

**Ratio:** An Operational Creditor is permitted to withdraw a petition filed under Section 9 of the

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**Reasoning:** The court reasoned that if the parties have settled the matter amicably, continuing the

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**Interpretation:** This interpretation acknowledges the flexibility within the IBC framework to

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**Application:** In this case, the Operational Creditor, Ajay Overseas Pvt. Ltd., submitted that

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## Parties

- **Judges:** Deep Chandr…; ATUL CHAT…
- **Appellants:** Ajay Overseas…
- **Respondents:** Tarun Alloy…

## Timeline

- **2019-01-01 — CP No. (IB)-325/9/JPR/20…**: CP No. (IB)-325/9/JPR/2019 was…
- **2023-08-04 — Order Is…**: NCLT dismissed CP No. (IB)-325/9/JPR/2019 as withdrawn following an amicable settlement…

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