# In the matter of Varaha Infra Ltd. CP No. (IB)-200-9-JPR-2020

> NCLT judgment dated 2022-12-16. Citation: TCN-2022-NCLT-00142. The case involves Sanfield India Ltd., the Operational Creditor, initiating proceedings against…

- **Court:** NCLT
- **Order date:** 16 Dec 2022
- **Citation:** TCN-2022-NCLT-00142
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/varaha-infra-ltd-cp-no-ib-200-9-jpr-2020-d37d052a

## Summary

### Background

The case involves Sanfield India Ltd., the Operational Creditor, initiating proceedings against Varaha Infra Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter was heard through video conferencing.

## Facts

Sanfield India Ltd. (Operational Creditor) filed a petition against Varaha Infra Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016. During the proceedings, the Operational Creditor's counsel submitted that the agreed amount had been received by the Petitioner, and the matter had been settled between the parties. Consequently, the Operational Creditor sought to withdraw the petition. The court then granted permission for the withdrawal, and the petition was dismissed.

## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor can be dismissed as withdrawn based on the …

**Ratio:** A petition can be dismissed as withdrawn if the parties have settled the matter, and the

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**Reasoning:** The court reasoned that since the Operational Creditor's counsel submitted that the

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**Interpretation:** This interpretation allows for the dismissal of a petition when a settlement

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**Application:** In this case, the Operational Creditor received the agreed amount from the

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## Parties

- **Judges:** Deep Chandr…; K. K. S…
- **Appellants:** Sanfield India…
- **Respondents:** Varaha Infr…

## Timeline

- **2020-01-01 — CP No. (IB)- 200/9/JPR/2…**: The Corporate Insolvency Resolution Process (CIRP) application was filed under CP No.…
- **2022-12-16 — Order Is…**: The court granted permission for the withdrawal of the petition, and CP No. (IB)-…

## 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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