# In the matter of Yuthika Commercial Pvt. Ltd. IA-695-2022 in IB-695-ND-2020

> NCLT judgment dated 2022-02-10. Citation: TCN-2022-NCLT-04195. The applicant, M/s Finex Consultancy Services, filed an application to allow the Operational…

- **Court:** NCLT
- **Order date:** 10 Feb 2022
- **Citation:** TCN-2022-NCLT-04195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/yuthika-commercial-pvt-ltd-ia-695-2022-in-ib-695-nd-2020-afcc1d68

## Summary

### Background

The applicant, M/s Finex Consultancy Services, filed an application to allow the Operational Creditor to withdraw the present petition based on a settlement agreement dated 2022-02-01. The application was filed under Section 9 of the IBC.

## Facts

M/s Finex Consultancy Services, the applicant, sought permission to withdraw a petition based on a settlement agreement dated 2022-02-01. The petition was initially filed by the Operational Creditor. The court heard the counsel for the applicant and reviewed the application's contents. The settlement agreement is a key fact as it forms the basis for the withdrawal request.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be allowed to withdraw the present petition based on the …

**Ratio:** A party is generally allowed to withdraw a petition if there is a valid reason, such as a

…

**Reasoning:** The court considered the submissions and averments made in the application and found that

…

**Interpretation:** The court interpreted the relevant provisions of law and principles of natural

…

**Application:** The court applied the ratio to the facts of the case, noting the existence of

…

## Parties

- **Judges:** ABNI RANJAN KUMAR…; AVINASH K.…
- **Appellants:** M/s Finex…
- **Respondents:** M/s Yuthika…

## Timeline

- **2022-02-01 — Settlement Agreement…**: The settlement agreement between…
- **2022-02-10 — Order Del…**: The order was delivered on 2022-02-10,…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/yuthika-commercial-pvt-ltd-ia-695-2022-in-ib-695-nd-2020-afcc1d68