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

> NCLT judgment dated 2024-01-30. Citation: TCN-2024-NCLT-02856. The case pertains to CP No. (IB)- 85/9/JPR/2022 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 Jan 2024
- **Citation:** TCN-2024-NCLT-02856
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/udaipur-mineral-development-syndicate-pvt-ltd-c4b97f77

## Summary

### Background

The case pertains to CP No. (IB)- 85/9/JPR/2022 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The matter was before the National Company Law Tribunal, Jaipur Bench. The Operational Creditor, Rajeshkumar Gopalbhai Dargar Prop of M/s Vedika Construction, filed a petition against the Corporate Debtor, Udaipur Mineral Development Syndicate Pvt. Ltd.

## Facts

Rajeshkumar Gopalbhai Dargar Prop of M/s Vedika Construction, the Operational Creditor, initiated proceedings against Udaipur Mineral Development Syndicate Pvt. Ltd., the Corporate Debtor, under Section 9 of the IBC, 2016. The matter was brought before the NCLT Jaipur Bench. During the proceedings, the counsels representing both parties, Mr. Divyanshu Mittal for the Operational Creditor and Mr. Sandeep Taneja for the Corporate Debtor, appeared. The Petitioner's counsel submitted that the dispute had been amicably resolved, leading to a request to withdraw the petition. The court, acknowledging the settlement, granted permission for the withdrawal.

## Issues and analysis

### Issue 1: Whether the petition CP No. (IB) 85/9/JPR/2022 should be dismissed as withdrawn, given the amicable …

**Ratio:** A petition can be withdrawn if the parties have reached an amicable settlement and the

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**Reasoning:** The court acknowledged the submission by the Petitioner's counsel that the matter had

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**Interpretation:** The legal principle is that courts generally allow the withdrawal of petitions

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**Application:** In this case, the court applied the principle 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…

## 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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