# In the matter of Ambience Projects and Infrastructure Pvt. Ltd. CA No. 63-2019 in (IB)-457-ND-2018

> NCLT judgment dated 2019-02-25. Citation: TCN-2019-NCLT-04703. CA No. 63/2019 (IB)-457/ND/2018 was filed jointly by the parties for withdrawal of application…

- **Court:** NCLT
- **Order date:** 25 Feb 2019
- **Citation:** TCN-2019-NCLT-04703
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ambience-projects-and-infrastructure-pvt-ltd-ca-no-63-2019-in-ib-457-nd-2018-70b2cb8b

## Summary

### Background

CA No. 63/2019 (IB)-457/ND/2018 was filed jointly by the parties for withdrawal of application IB-457/ND/2018. The order initiating CIRP was passed on 12.02.2019 against the Corporate Debtor. The parties have settled and executed a memorandum of settlement on 19.02.2019.

## Facts

CA No. 63/2019 (IB)-457/ND/2018 was filed jointly by M/s Ashtech Buildpro India Pvt. Ltd. (Applicant) and M/s Ambienco Projects and Infrastructure Pvt. Ltd. (Respondent) for withdrawal of application IB-457/ND/2018. An order initiating CIRP was previously passed on 12.02.2019 against the Corporate Debtor. The parties have settled and executed a memorandum of settlement on 19.02.2019. The COC has not yet been constituted. The application is covered under the judgment passed by the Supreme Court in the Swiss Ribbons Case. The settlement between the parties is the key fact that led to the withdrawal application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP can be allowed based on the settlement between the …

**Ratio:** The judgment passed by the Supreme Court in the Swiss Ribbons Case allows for the

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**Reasoning:** The court considered the settlement between the parties and the fact that the COC had not

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**Interpretation:** The Swiss Ribbons case provides a framework for allowing withdrawal of CIRP

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**Application:** The court applied the principle from the Swiss Ribbons case to the present

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## Parties

- **Judges:** DEEPTI M…
- **Appellants:** M/s Ashtech…
- **Respondents:** M/s Ambienco…

## Timeline

- **2019-02-12 — CIRP Init…**: Order initiating CIRP was passed…
- **2019-02-19 — Settlement E…**: Parties settled and executed…

## 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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