# In the matter of Ansal Hi-Tech Townships Ltd. (IB)-1738(PB)-2019

> NCLT judgment dated 2020-09-11. Citation: TCN-2020-NCLT-00641. The case pertains to an application filed under Section 7 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 11 Sept 2020
- **Citation:** TCN-2020-NCLT-00641
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ansal-hi-tech-townships-ltd-ib-1738pb-2019-08f05e89

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016. The applicant, Amrit Banaspati Company, initiated a corporate insolvency resolution process against the corporate debtor, Ansal Hi-Tech Township Ltd. The applicant's counsel stated that the claim against the corporate debtor has been settled.

## Facts

Amrit Banaspati Company filed a petition against Ansal Hi-Tech Township Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The applicant's counsel stated that the claim against the corporate debtor had been settled. Consequently, the applicant requested the withdrawal of the company petition. The court then allowed the application and dismissed the company petition as withdrawn.

## Issues and analysis

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

**Ratio:** The legal principle applied is that if a settlement is reached between the applicant and

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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:** The interpretation is that the court recognizes the right of the applicant to

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**Application:** In this specific case, the applicant's counsel's statement about the settlement

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## Parties

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

## Timeline

- **2020-09-11 — Order Del…**: Order delivered on the application for…

## 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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