PETITIONER sought leave to withdraw the insolvency application and place a settlement deed on record. Tribunal allowed the withdrawal and disposed of the application based on the settlement between parties.
Leave granted to place settlement deed on record and withdraw CP(IB) No.103/Chd/Hry/2020; CPA dismissed as withdrawn.
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.
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THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH ( through web-based video conferencing platform )
Item 12 MA No.2 of 2022 And CP(IB) No.103/Chd/Hry/2020 Under Section 9 IBC, 2016
In the matter of:- Ashtech Buildpro India Private Limited
…Petitioner
Versus
Omaxe Limited
…Respondent
Present through Video Conferencing:
Mr. Ambashu Sahni, Advocate, for the Petitioner
MA No.2 of 2022
The instant application has been filed under Section 60(5) of the IBC, 2016, read with Rule 11 of the NCLT Rules, 2016 for withdrawing CP(IB) No.103/Chd/Hry/2020 and for placing on record settlement deed dated 15.06.2022. It is stated by learned counsel for the petitioner that he seeks leave of this Tribunal to place on record the settlement deed dated 15.06.2022 and withdraw CP(IB) No.103/Chd/Hry/2020 as the matter has been settled between the parties and the entire amount has been received by the petitioner/operational creditor.
Keeping in view the statement made by learned counsel for the petitioner as also the settlement deed dated 15.06.2022, the instant application is allowed. The settlement deed dated 15.06.2022 is taken on record and the petitioner is permitted to withdraw CP(IB) No.103/Chd/Hry/2020. Thus, MA No.2 of 2022 is disposed of.
MA No.2 of 2022 And CP(IB) No.103/Chd/Hry/2020
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CP(IB) No.103/Chd/Hry/2020
In view of the order passed in MA No.2 of 2022 passed above, the instant petition i.e. CP(IB) No.103/Chd/Hry/2020 is dismissed as withdrawn and is disposed of as such.
Sd/- (Subrata Kumar Dash) Member (Technical) July 14, 2022 MK
Sd/- (Harnam Singh Thakur) Member (Judicial)
MA No.2 of 2022 And CP(IB) No.103/Chd/Hry/2020
1 issue framed by the court
Whether the Tribunal can permit withdrawal of a corporate insolvency resolution process petition upon receipt of full settlement and filing of a settlement deed.
2 provisions across 2 enactments
Ashtech Buildpro India Private Limited
Omaxe Limited
Subrata Kumar Dash
Harnam Singh Thakur
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
