# In the matter of Aliens Developers Pvt. Ltd. CP (IB) No. 289-7-HDB-2019

> NCLT judgment dated 2021-07-23. Citation: TCN-2021-NCLT-01635. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 23 Jul 2021
- **Citation:** TCN-2021-NCLT-01635
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aliens-developers-pvt-ltd-cp-ib-no-289-7-hdb-2019-b0275a62

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The learned counsels for both the Operational Creditor and the Corporate Debtor appeared before the National Company Law Tribunal (NCLT), Hyderabad.

## Facts

The case involves Aliens Developers Pvt Ltd as the Corporate Debtor. Sudhakar B Vadapalli is the petitioner, and Aliens Developers Pvt Ltd is also listed as the respondent. The petition was filed under Section 7 of the IBC. Both parties' counsels submitted that the matter is settled and sought to file a joint memo of settlement. The court recorded the statement from the Operational Creditor's counsel that the matter is settled and granted permission to withdraw the petition. The matter was withdrawn with the liberty to revive the petition if the settlement fails.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC can be withdrawn based on the submission of a …

**Ratio:** A petition under Section 7 of the IBC can be withdrawn if the parties have reached a

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**Reasoning:** The court considered the submission of the learned counsels for both parties that the

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**Interpretation:** This reflects the principle that the IBC aims to facilitate resolution of

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**Application:** In this case, the court accepted the submission of settlement and allowed the

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** Sudhakar B…
- **Respondents:** Aliens Developers…

## Timeline

- **2021-07-23 — Hearing…**: Hearing held on 23.07.2021 at 10:30 AM…

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