# In the matter of Brick Town Developers Pvt. Ltd. IA No. 235-2021 in CP No. (IB) 501-ALD-2019

> NCLT judgment dated 2021-08-12. Citation: TCN-2021-NCLT-01352. A withdrawal application (IA No. 235/2021) was filed to withdraw the proceedings based on a…

- **Court:** NCLT
- **Order date:** 12 Aug 2021
- **Citation:** TCN-2021-NCLT-01352
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/brick-town-developers-pvt-ltd-ia-no-235-2021-in-cp-no-ib-501-ald-2019-146a33ad

## Summary

### Background

A withdrawal application (IA No. 235/2021) was filed to withdraw the proceedings based on a settlement agreement dated 2021-07-14. The matter was amicably settled between the parties, and payment was made by the corporate debtor.

## Facts

A withdrawal application (IA No. 235/2021) was filed to withdraw the present proceedings. The basis for the withdrawal was a settlement agreement entered into by the parties on 2021-07-14. The matter had been amicably settled, and the corporate debtor had made the payment. The Respondent's counsel stated that they had no dispute regarding the settlement agreement reached between the parties. The court noted that continuing the proceedings would serve no useful purpose.

## Issues and analysis

### Issue 1: Whether the withdrawal application should be allowed given the settlement agreement between the …

**Ratio:** When parties have amicably settled a dispute and a settlement agreement has been reached,

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**Reasoning:** The court reasoned that since the parties had entered into a settlement agreement and the

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**Interpretation:** This case interprets the principle that when parties reach a settlement and

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

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** MORPHOGENESIS V/S…
- **Advocates:** Babita…; KARTAVYA…

## Timeline

- **2021-07-14 — Settlement Ag…**: Parties entered into a…
- **2021-08-12 — Hearing…**: Hearing of Allahabad Bench of the…

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