# In the matter of Varaha Infra Limited

> NCLT judgment dated 2024-04-24. Citation: TCN-2024-NCLT-01623. The case involves Shreeyam Power and Steel Industries Limited, the Operational Creditor, filing…

- **Court:** NCLT
- **Order date:** 24 Apr 2024
- **Citation:** TCN-2024-NCLT-01623
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/varaha-infra-limited-a001d98c

## Summary

### Background

The case involves Shreeyam Power and Steel Industries Limited, the Operational Creditor, filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 against Varaha Infra Limited, the Corporate Debtor. The matter was heard by the National Company Law Tribunal (NCLT), Jaipur Bench, through video conferencing.

## Facts

Shreeyam Power and Steel Industries Limited, the Operational Creditor, initiated proceedings against Varaha Infra Limited, the Corporate Debtor, under Section 9 of the IBC, 2016. During the proceedings before the NCLT Jaipur Bench, the parties reached a settlement. Consequently, the counsel for the Operational Creditor requested the court's permission to withdraw the application. The court granted the permission, leading to the dismissal of the application.

## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the IBC, 2016 can be withdrawn based on a …

**Ratio:** An application under Section 9 of the IBC can be withdrawn if the parties have reached a

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**Reasoning:** The court considered the submission of the learned counsel for the Petitioner that the

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**Interpretation:** This interpretation allows for the withdrawal of applications under Section 9

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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:** Shreeyam Power…
- **Respondents:** Varaha Infra…

## Timeline

- **2023-01-01 — Application…**: CP No. (IB)- 25/9/JPR/2023 was…
- **2024-04-24 — Order Da…**: The NCLT granted permission to withdraw the application, and the application was…

## 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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