# In the matter of Techno Auto Components (India) Pvt. Ltd. IA-3853-2022 in IB-578-ND-2021

> NCLT judgment dated 2022-08-16. Citation: TCN-2022-NCLT-01359. This case involves an application for the withdrawal of a Section 9 application filed under…

- **Court:** NCLT
- **Order date:** 16 Aug 2022
- **Citation:** TCN-2022-NCLT-01359
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/techno-auto-components-india-pvt-ltd-ia-3853-2022-in-ib-578-nd-2021-ac39312c

## Summary

### Background

This case involves an application for the withdrawal of a Section 9 application filed under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, bearing CP (IB) No. 578/ND/2021. The Operational Creditor and the Corporate Debtor have amicably resolved the matter and executed a Settlement Agreement.

## Facts

Dalmia Polymers LLP, the applicant, filed an application under Section 9 of the IBC against Techno Auto Components (India) Pvt. Ltd., the respondent. The Operational Creditor and Corporate Debtor amicably resolved the matter and executed a Settlement Agreement dated 2022-05-05. The Operational Creditor then sought to withdraw the Section 9 application. The application for withdrawal is IA/5853/2022, and the main petition is IB-578/ND/2021.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Section 9 application should be allowed given that …

**Ratio:** When parties to an insolvency proceeding amicably resolve their dispute and intend to

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**Reasoning:** The court reasoned that since the parties had amicably resolved the matter and executed a

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**Interpretation:** This legal issue concerns the interpretation of the Insolvency and Bankruptcy

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** Dalmia Polymers…
- **Respondents:** Techno Auto…

## Timeline

- **2022-05-05 — Settlement Agreement…**: The parties amicably resolved the matter…
- **2022-08-16 — Order Del…**: The court allowed IA/5853/2022 and dismissed the main petition IB-578/ND/2021 as…

## 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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