The NCLT Jaipur Bench allowed the withdrawal of an insolvency application under Section 9 of IBC, 2016, approving parties' settlement agreement dated 08.07.2022 and dismissing the case as withdrawn.
Permission granted to withdraw the application; the Corporate Resolution Proceedings dismissed as withdrawn in terms of settlement.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
NATIONAL COMPANY LAW TRIBUNAL JAIPUR BENCH
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Item No. 112 IA No. 434|JPR/2022 CP No. (IB)- 0319/JPR/2021 Under Section 9 of IBC, 2016
In the matter of:
Oswal Polychem
...Operational Creditor
Versus
Prayag Polytech Pvt. Ltd.
...Corporate Debtor
CoTam: HON,BLE MR. DEEP CHANDRA JOSHI, JUDICIAL MEMBER HON'BLE MR. PRASANTA KUMAR MOHANTY, TECHNICAL MEMBER
Present Through Video Conferencing: -
For the Operational Creditor : Rajender Kumar Giria, in person For the Corporate Debtor : Virendra Ganda, Sr. Adv. Bhaskar, Adv. Karan Pratap Singh, Adv. Ayandeb Mitra, Adv.
ORDER
Heard Mr. Rajender Kumar Giria, Applicant who is the authorized signatory and partner of the Applicant firm is present in person. Mr. Virendra Ganda, Ld. Sr. Counsel appears on behalf of Respondent/ Corporate Debtor. A joint application has been filed by the Applicant and Respondent for withdrawal of the present application. Parties have entered into a settlement agreement dated 08.07.2022 and settled the disputes pending before this Adjudicating Authority. Applicant seeks to withdraw this application. Permission granted. CP No. 0319lJPP.Uz}2l is dismissed as withdrawn in terms of settlement.
sc--
(Prasanta Kumar Mohanty) Technical Member
Sd(DeepChandra Joshi) Judicial Member
September 15,2022 VG
Oswal Polychem
Prayag Polytech Pvt. Ltd.
Deep Chandra Joshi
Prasanta Kumar Mohanty
As recorded by the court registry
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