# In the matter of Puneet Steel and Alloys Pvt. Ltd. CP No. (IB)-65-9-JPR-2021

> NCLT judgment dated 2022-07-04. Citation: TCN-2022-NCLT-04620. The case pertains to CP No. (IB)-65/9/JPR/2021 under Section 9 of the IBC, 2016.

- **Court:** NCLT
- **Order date:** 4 Jul 2022
- **Citation:** TCN-2022-NCLT-04620
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/puneet-steel-and-alloys-pvt-ltd-cp-no-ib-65-9-jpr-2021-1d1a0eb9

## Summary

### Background

The case pertains to CP No. (IB)-65/9/JPR/2021 under Section 9 of the IBC, 2016.

## Facts

The matter was listed as Item No. 117.

The case was filed under Section 9 of the IBC, 2016.

The Operational Creditor and Corporate Debtor reached an amicable settlement.

The Operational Creditor requested to withdraw the petition.

The court granted permission for the withdrawal of the petition.

CP No. (IB)-65/9/JPR/2021 was dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the petition after an amicable settlement with the …

**Ratio:** The Operational Creditor can withdraw the petition if the matter has been settled

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**Reasoning:** The court acknowledges the settlement between the parties and the Operational Creditor's

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**Interpretation:** The IBC allows for the withdrawal of petitions when a settlement is reached

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**Application:** In this case, the Operational Creditor and Corporate Debtor reached a

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Ashok Kumar…
- **Respondents:** M/s. Puneet…
- **Advocates:** Dikshant…

## Timeline

- **2022-07-04 — Order Da…**: Order passed dismissing CP No.…

## 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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