# In the matter of Velvelon Petrochem Pvt. Ltd.

> NCLT judgment dated 2025-10-07. Citation: TCN-2025-NCLT-01541. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 7 Oct 2025
- **Citation:** TCN-2025-NCLT-01541
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/velvelon-petrochem-pvt-ltd-321ab5f2

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Vevelon Petrochem Pvt. Ltd. (Operational Creditor) against Varaha Infra Ltd. (Corporate Debtor).

## Facts

Vevelon Petrochem Pvt. Ltd. filed an application against Varaha Infra Ltd. under Section 9 of the IBC, 2016.

The counsels jointly stated that the GST amount of Rs. 58 lacs has been taken care of.

A settlement was arrived at between the parties on 03.04.2025.

The GST amount of Rs. 58 has been taken care of.

The NCLT allowed the withdrawal of the CP.

## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of IBC can be withdrawn based on a settlement between …

**Ratio:** The application can be withdrawn if the parties have arrived at a settlement and the

…

**Reasoning:** The Tribunal considered the joint statement of the counsels regarding the settlement and

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**Interpretation:** The order indicates that the NCLT has the discretion to allow the withdrawal of

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**Application:** In this case, the settlement between Vevelon Petrochem Pvt. Ltd. and Varaha

…

## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Vevelon Petrochem…
- **Respondents:** Varaha Infr…
- **Advocates:** Vagish K.…; Umang G…

## Timeline

- **2025-04-03 — Settlemen…**: Settlement arrived at…
- **2025-10-07 — Order Da…**: Order passed allowing…

## 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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