# In the matter of Bharath HI-Tech Pvt. Ltd. CP (IB) No. 51-BB-2019

> NCLT judgment dated 2019-09-30. Citation: TCN-2019-NCLT-01150. The case involves a petition filed by Mr. Adnan Azhar Ebrahim (Financial Creditor) under…

- **Court:** NCLT
- **Order date:** 30 Sept 2019
- **Citation:** TCN-2019-NCLT-01150
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bharath-hi-tech-pvt-ltd-cp-ib-no-51-bb-2019-59edf282

## Summary

### Background

The case involves a petition filed by Mr. Adnan Azhar Ebrahim (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B(AAA) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Bharath Hi-Tech Builders Pvt. Ltd. (Corporate Debtor). The petition was based on the Corporate Debtor's alleged default of Rs. 23,49,325/-. The case was listed for admission on multiple dates and adjourned at the request of the parties. The parties eventually reached a settlement.

## Facts

Mr. Adnan Azhar Ebrahim (Financial Creditor) filed a petition against M/s. Bharath Hi-Tech Builders Pvt. Ltd. (Corporate Debtor) under Section 7 of the IBC, alleging a default of Rs. 23,49,325/- as of May 31, 2018, comprising principal, interest, and penal interest. The Corporate Debtor approached the Financial Creditor for settlement. They agreed that the Corporate Debtor would pay Rs. 17,00,000/- in three installments, with the Financial Creditor agreeing to forego further claims upon realization of the settlement amount. The Corporate Debtor also agreed to issue TDS certificates. The Financial Creditor has till date paid a sum of INR 21,348/- to the Financial Creditor towards interest. The balance amount of INR 16,78,652/- being Rs.15,00,000/- towards principal and

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## Issues and analysis

### Issue 1: Whether the Tribunal should permit the Financial Creditor to withdraw the Company Petition given …

**Ratio:** The Tribunal has the discretion to allow the withdrawal of a Company Petition, especially

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**Reasoning:** The Tribunal reasoned that since the Company Petition was not yet admitted and the

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**Interpretation:** This reflects the Tribunal's willingness to facilitate settlements between

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**Application:** The Tribunal applied this principle by allowing the Financial Creditor to

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Mr.Adnan Azhar…
- **Respondents:** M/s Bharath Hi…; M/s.Bharath…

## Timeline

- **2018-05-31 — Default…**: The Corporate Debtor allegedly defaulted on a…
- **2019-01-03 — Listing…**: The case was listed for…

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