# In the matter of Adcanopus Digital Media Pvt. Ltd. C.P. (IB) No. 119-BB-2019

> NCLT judgment dated 2019-07-25. Citation: TCN-2019-NCLT-02278. M/s. V-con Integrated Solutions Pvt. Ltd. filed C.P. (IB) No.119/BB/2019 under Section 9 of the…

- **Court:** NCLT
- **Order date:** 25 Jul 2019
- **Citation:** TCN-2019-NCLT-02278
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/adcanopus-digital-media-pvt-ltd-cp-ib-no-119-bb-2019-ce089d9e

## Summary

### Background

M/s. V-con Integrated Solutions Pvt. Ltd. filed C.P. (IB) No.119/BB/2019 under Section 9 of the IBC, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Adcanopus Digital Media Pvt. Ltd. The claim was based on a default of Rs. 91,00,324/-. The case was listed for admission on multiple dates, but was adjourned due to various reasons, including the completion of pleadings and settlement discussions.

## Facts

M/s. V-con Integrated Solutions Pvt. Ltd. (Operational Creditor) filed C.P. (IB) No.119/BB/2019 against M/s. Adcanopus Digital Media Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC, 2016, claiming a default of Rs. 91,00,324/-. The case was listed for admission on several dates between March and July 2019. During this period, the parties entered into a Settlement Agreement dated 24.07.2019. The petitioner then sought to withdraw the petition based on this agreement. The respondent did not object to the withdrawal. The key fact is the existence of the Settlement Agreement, which led the petitioner to seek withdrawal of the CIRP application. The court considered this agreement and the respondent's lack of objection in its decision.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to withdraw the Company Petition based on the Settlement …

**Ratio:** The Adjudicating Authority has the discretion to allow the withdrawal of a Company

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**Reasoning:** The court reasoned that since the case was not yet admitted and the parties had entered

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**Interpretation:** This interprets the IBC to allow for withdrawal of petitions before admission,

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajeswara Rao…
- **Appellants:** M/s. V-Con…
- **Respondents:** M/s. Adcanopus…

## Timeline

- **2019-03-08 — Case Listed for…**: The case was initially…
- **2019-04-05 — Case Listed for…**: The case was listed for…

## 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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