# In the matter of Ansal Hi-Tech Township Ltd. (IB)-1739(PB)-2019

> NCLT judgment dated 2020-09-11. Citation: TCN-2020-NCLT-00644. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 11 Sept 2020
- **Citation:** TCN-2020-NCLT-00644
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ansal-hi-tech-township-ltd-ib-1739pb-2019-2ec52963

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (CIRP). The applicant, Amrit Corp Ltd., filed a petition against the respondent, Ansal Hi-Tech Township Ltd. The applicant's counsel stated that the claim against the corporate debtor has been settled, leading to a request for withdrawal of the company petition.

## Facts

Amrit Corp Ltd. filed a company petition against Ansal Hi-Tech Township Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant's counsel stated that the claim against the corporate debtor, Ansal Hi-Tech Township Ltd., had been settled. Based on this settlement, the applicant requested the withdrawal of the company petition. The NCLT considered this request and subsequently dismissed the company petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition should be allowed given the …

**Ratio:** When a claim against a corporate debtor is settled, the applicant is entitled to withdraw

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**Reasoning:** The court reasoned that since the applicant's counsel stated that the claim against the

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**Interpretation:** This interpretation aligns with the principle that parties are free to resolve

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**Application:** In this case, the applicant's counsel's statement regarding the settlement of

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## Parties

- **Judges:** B.S.V. Prakash…; Sh. Hemant Kumar…
- **Appellants:** Amrit Cor…
- **Respondents:** Ansal Hi-Tech…

## Timeline

- **2019-01-01 — Petition…**: Amrit Corp Ltd. filed a petition against Ansal Hi-Tech Township Ltd. under Section 7 of…
- **2020-09-11 — Order Del…**: The NCLT allowed the application for withdrawal and dismissed the company petition as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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