# In the matter of Aliens Developers Pvt Ltd. CP (IB) No. 531/7/HDB/2019

> NCLT judgment dated 2021-07-01. Citation: TCN-2021-NCLT-01875. The case pertains to a Company Petition/Application with the number CP (IB) No. 531/7/HDB/2019,…

- **Court:** NCLT
- **Order date:** 1 Jul 2021
- **Citation:** TCN-2021-NCLT-01875
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aliens-developers-pvt-ltd-cp-ib-no-5317hdb2019-0413806c

## Summary

### Background

The case pertains to a Company Petition/Application with the number CP (IB) No. 531/7/HDB/2019, filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petitioner is Asha Kedia & another, and the respondent is Aliens Developers Pvt Ltd. The Learned Counsel for the Financial Creditor and Learned Counsel for the Corporate Debtor appeared via video conference.

## Facts

The case involves a Company Petition/Application numbered CP (IB) No. 531/7/HDB/2019. The petitioner is Asha Kedia & another, and the respondent is Aliens Developers Pvt Ltd. The petition was filed under Section 7 of the IBC. The Learned Counsel for the Financial Creditor filed a memo of withdrawal pursis, indicating a settlement. The court granted permission for withdrawal, leading to the disposal of the case.

## Issues and analysis

### Issue 1: Whether the court should grant permission for the withdrawal of the Company Petition/Application …

**Ratio:** A court may grant permission to withdraw a petition if the matter has been settled and

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**Reasoning:** The court reasoned that since the matter was settled and the Learned Counsel for the

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**Interpretation:** This legal principle allows for the withdrawal of a petition when the parties

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**Application:** In this case, the Learned Counsel for the Financial Creditor filed a memo of

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## Parties

- **Judges:** Madan B.…; Veera Brahma Rao…
- **Appellants:** Asha K…
- **Respondents:** Aliens Developers…

## Timeline

- **2021-07-01 — Hearing…**: Hearing held on 01.07.2021 at 10:30 AM. Learned Counsel for the Financial Creditor and…

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