# 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-04617. The case pertains to a petition filed by Ashok Kumar Sharma, the Operational Creditor, against…

- **Court:** NCLT
- **Order date:** 4 Jul 2022
- **Citation:** TCN-2022-NCLT-04617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/puneet-steel-and-alloys-pvt-ltd-cp-no-ib-65-9-jpr-2021-fa621e5e

## Summary

### Background

The case pertains to a petition filed by Ashok Kumar Sharma, the Operational Creditor, against M/s Puneet Steels and Alloys Pvt. Ltd., the Corporate Debtor, under Section 9 of the IBC, 2016.

## Facts

Ashok Kumar Sharma is the Operational Creditor.

M/s Puneet Steels and Alloys Pvt. Ltd. is the Corporate Debtor.

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

The Operational Creditor sought to withdraw the petition due to an amicable settlement.

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CP No. (IB)- 65/9/JPR/2021 was dismissed as withdrawn.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 filed under Section 9 of the IBC, 2016, …

**Ratio:** The court has the discretion to allow the withdrawal of a petition if it is satisfied

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**Reasoning:** The Operational Creditor submitted that the matter had been settled amicably and sought

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**Interpretation:** The IBC allows for the withdrawal of petitions in cases of amicable settlement

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**Application:** In this case, the court applied the principle of allowing withdrawal upon

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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.…

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