# In the matter of Udaipur MIneral Development Syndicate Pvt. Ltd.

> NCLT judgment dated 2024-01-30. Citation: TCN-2024-NCLT-02846. The case involves Rajeshkumar Gopalbhai Dargar Prop of M/s Vedika Construction, the Operational…

- **Court:** NCLT
- **Order date:** 30 Jan 2024
- **Citation:** TCN-2024-NCLT-02846
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/udaipur-mineral-development-syndicate-pvt-ltd-9d6437ea

## Summary

### Background

The case involves Rajeshkumar Gopalbhai Dargar Prop of M/s Vedika Construction, the Operational Creditor, filing a petition against Udaipur Mineral Development Syndicate Pvt. Ltd., the Corporate Debtor, under Section 9 of the IBC, 2016. The matter was presented before the National Company Law Tribunal (NCLT), Jaipur Bench, via video conferencing.

## Facts

Rajeshkumar Gopalbhai Dargar Prop of M/s Vedika Construction, the Operational Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Udaipur Mineral Development Syndicate Pvt. Ltd., the Corporate Debtor, by filing CP No. (IB)- 85/9/JPR/2022 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The case was heard at the Jaipur Bench of the National Company Law Tribunal (NCLT) via video conferencing. During the proceedings, the counsel representing the Operational Creditor informed the court that the matter had been amicably settled between the parties. Consequently, the Operational Creditor sought permission to withdraw the petition. The court granted the permission, leading to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the Operational Creditor's request to withdraw the petition can be granted based on the …

**Ratio:** The legal principle applied here is that a petitioner can withdraw a petition if the

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**Reasoning:** The court reasoned that since the parties had reached an amicable settlement, allowing

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**Interpretation:** This interpretation aligns with the objective of the IBC, which encourages

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**Application:** In this specific case, the court applied the ratio by granting permission to

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Rajeshkumar…
- **Respondents:** Udaipur Mineral…

## Timeline

- **2024-01-30 — Order Da…**: CP No. (IB)- 85/9/JPR/2022…

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