# 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-01174. Mr. Adnan Azhar Ebrahim, a financial creditor, filed C.P.(IB) No. 50/BB/2019 under Section 7 of…

- **Court:** NCLT
- **Order date:** 30 Sept 2019
- **Citation:** TCN-2019-NCLT-01174
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bharath-hi-tech-pvt-ltd-cp-ib-no-51-bb-2019-9da06fa3

## Summary

### Background

Mr. Adnan Azhar Ebrahim, a financial creditor, filed C.P.(IB) No. 50/BB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Bharath Hi-Tech Builders Pvt. Ltd. The petition was based on the corporate debtor's alleged default of Rs. 23,49,325, comprising principal, interest, and penal interest as of May 31, 2018. The case was listed for admission on multiple dates, but the parties eventually reached a settlement.

## Facts

Mr. Adnan Azhar Ebrahim, the financial creditor, filed a petition against M/s. Bharath Hi-Tech Builders Pvt. Ltd., the corporate debtor, claiming a default of Rs. 23,49,325 as of May 31, 2018. This amount included principal, interest, and penal interest. The financial creditor sought to initiate CIRP under Section 7 of the IBC. The corporate debtor approached the financial creditor for settlement, and they agreed on a settlement amount of Rs. 17,00,000. The corporate debtor assured payment in three equal installments via post-dated cheques. The financial creditor agreed to forego additional interest and legal fees upon receiving the settlement amount. The corporate debtor had already paid Rs. 21,348 towards interest. The settlement involved specific payment dates in

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## Issues and analysis

### Issue 1: Whether the Tribunal should permit the withdrawal of the Company Petition based on the consent …

**Ratio:** A Company Petition can be withdrawn if the parties have reached a settlement and the

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**Reasoning:** The Tribunal considered the consent terms submitted by both parties, indicating a

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**Interpretation:** This legal issue involves the interpretation of the Tribunal's power to allow

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**Application:** In this specific case, the Tribunal applied the ratio by allowing the

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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 — Outstanding…**: Corporate Debtor's default of Rs.…
- **2019-01-03 — Case Listed for…**: The case was listed for…

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