# In the matter of Ansal Housing & Construction Ltd. (IB)-1535(PB)-2018

> NCLT judgment dated 2019-02-08. Citation: TCN-2019-NCLT-04947. The case pertains to an application filed under Rule 8 of the Adjudicating Authority-NCLT…

- **Court:** NCLT
- **Order date:** 8 Feb 2019
- **Citation:** TCN-2019-NCLT-04947
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ansal-housing-construction-ltd-ib-1535pb-2018-0b6fe3cc

## Summary

### Background

The case pertains to an application filed under Rule 8 of the Adjudicating Authority-NCLT Rules, 2016, seeking the withdrawal of a petition filed by the applicants, namely (IB)-1535(PB)/2018. The application was filed in the National Company Law Tribunal, New Delhi.

## Facts

Aashish Jain & anr. filed a petition against Ansal Housing & Construction Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. Subsequently, an application CA-191(PB)/2019 was filed under Rule 8 of the Adjudicating Authority-NCLT Rules, 2016, seeking withdrawal of the petition (IB)-1535(PB)/2018. Mr. Vaibhav Chaudhary, the Authorized Representative of Ansal Housing & Construction Ltd., appeared and accepted the notice. A settlement agreement dated 07.02.2019 was reached between the parties and placed on record. The relevance of the settlement agreement is that it formed the basis for the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the petition (IB)-1535(PB)/2018 should be dismissed as withdrawn, given the settlement …

**Ratio:** The legal principle applied is that a petition can be withdrawn if the parties reach a

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**Reasoning:** The court reasoned that since a settlement agreement was reached between the parties and

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**Interpretation:** The interpretation is that Rule 8 of the Adjudicating Authority-NCLT Rules,

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

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## Parties

- **Judges:** M. M. K…; Pradeep R.…
- **Appellants:** Aashish Jain &…
- **Respondents:** Ansal Housing &…

## Timeline

- **2019-02-07 — Settlement Ag…**: Settlement agreement…
- **2019-02-08 — Order Del…**: Order delivered dismissing…

## 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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