# In the matter of Bony System and Technologies Ltd. (IB)-2198(ND)2019

> NCLT judgment dated 2020-03-03. Citation: TCN-2020-NCLT-01711. I.A No.1667/2020 was filed to withdraw the main petition (IB)-2198(ND)2019 based on a…

- **Court:** NCLT
- **Order date:** 3 Mar 2020
- **Citation:** TCN-2020-NCLT-01711
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bony-system-and-technologies-ltd-ib-2198nd2019-1cc4cbf1

## Summary

### Background

I.A No.1667/2020 was filed to withdraw the main petition (IB)-2198(ND)2019 based on a settlement between the parties. The settlement agreement was dated 29.02.2020. The Corporate Debtor handed over a demand draft of Rs. 7,50,000/- to the Operational Creditor.

## Facts

An application, I.A No.1667/2020, was filed under Regulation 30 A of the CIRP regulations to withdraw the main petition (IB)-2198(ND)2019. The basis for the withdrawal was a settlement reached between the parties, evidenced by a settlement agreement dated 2020-02-29. As part of the settlement, the Corporate Debtor provided a demand draft of Rs. 7,50,000/- to the Operational Creditor. The RP confirmed that the only claim received was from the Operational Creditor and that no Committee of Creditors (CoC) had been constituted. The key fact is the settlement between the parties, leading to the withdrawal application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Regulation 30 A of the CIRP regulations …

**Ratio:** Regulation 30 A of the CIRP regulations allows for the withdrawal of a CIRP application

…

**Reasoning:** The court reasoned that the parties had reached a settlement, and the Corporate Debtor

…

**Interpretation:** Regulation 30 A is interpreted to facilitate settlements between parties

…

**Application:** The ratio was applied to the fact that the parties had settled, and the

…

## Parties

- **Judges:** L. N. G…; CH. MOHD SHARIEF…
- **Respondents:** I-Promark S…

## Timeline

- **2020-02-29 — Settlement Agreement…**: Settlement agreement was dated 29.02.2020, where the Corporate Debtor agreed to pay Rs.…
- **2020-03-03 — Hearing…**: Hearing before the National Company Law…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/bony-system-and-technologies-ltd-ib-2198nd2019-1cc4cbf1