# In the matter of Colonia Santa Maria Hotels Pvt. Ltd. (IB)-845(PB)-2020

> NCLT judgment dated 2020-10-26. Citation: TCN-2020-NCLT-00336. The case involves a company petition filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 26 Oct 2020
- **Citation:** TCN-2020-NCLT-00336
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/colonia-santa-maria-hotels-pvt-ltd-ib-845pb-2020-d7afd7dd

## Summary

### Background

The case involves a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant/petitioner is Prem Prakash, and the respondent is Colonia Santa Maria Hotels Pvt. Ltd. The petition was filed before the National Company Law Tribunal (NCLT), New Delhi, Principal Bench.

## Facts

Prem Prakash filed a company petition against Colonia Santa Maria Hotels Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Subsequently, a settlement was reached between Prem Prakash (the applicant) and Colonia Santa Maria Hotels Pvt. Ltd. (the corporate debtor). Based on this settlement, Prem Prakash requested the NCLT to withdraw the company petition. The NCLT considered this request and dismissed the petition as withdrawn. The settlement is dated 15.10.2020.

## Issues and analysis

### Issue 1: Whether the company petition can be dismissed as withdrawn based on a settlement between the …

**Ratio:** A company petition can be dismissed as withdrawn if the applicant requests withdrawal

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**Reasoning:** The court reasoned that since a settlement had been reached between the applicant and the

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**Interpretation:** This interpretation aligns with the principle that parties are free to settle

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**Application:** In this specific case, the applicant, Prem Prakash, and the corporate debtor,

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## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** Prem Pr…
- **Respondents:** Colonia Santa…

## Timeline

- **2020-10-15 — Settlemen…**: Settlement arrived at between the…
- **2020-10-26 — Order Del…**: Order delivered dismissing the…

## 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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