# In the matter of Supertech Ltd. IB-98-ND-2021

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-04846. The matter pertains to an application under Section 9 of the IBC Code, 2016, filed by Laxmi…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-04846
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/supertech-ltd-ib-98-nd-2021-b3fa974b

## Summary

### Background

The matter pertains to an application under Section 9 of the IBC Code, 2016, filed by Laxmi Steel Corporation against Supertech Ltd.

## Facts

Laxmi Steel Corporation filed an application against Supertech Ltd. under Section 9 of the IBC Code, 2016.

The Operational Creditor's counsel submitted that the matter had been settled before the initiation of CIRP proceedings.

The Tribunal directed the Operational Creditor's counsel to provide proof of the settlement.

The Tribunal allowed the withdrawal application.

The matter was listed for 17.05.2022.

## Issues and analysis

### Issue 1: Whether the settlement between the Operational Creditor and the Corporate Debtor warrants the …

**Ratio:** If a settlement is reached before the initiation of CIRP, the application can be

…

**Reasoning:** The Tribunal acknowledged the submission of the Operational Creditor's counsel regarding

…

**Interpretation:** The settlement indicates that the debt is no longer outstanding, justifying the

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**Application:** The Tribunal allowed the withdrawal application based on the submission of

…

## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** Laxmi Steel…
- **Respondents:** Supertech…
- **Advocates:** Gunjan M…; Akhil Sha…

## Timeline

- **2022-05-04 — Order Del…**: Order delivered on…
- **2022-05-17 — Next Hearin…**: Matter listed on…

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