# In the matter of Colorhome Developers Pvt. Ltd. IBA-673-2019

> NCLT judgment dated 2020-01-07. Citation: TCN-2020-NCLT-02482. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 7 Jan 2020
- **Citation:** TCN-2020-NCLT-02482
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/colorhome-developers-pvt-ltd-iba-673-2019-cf60c056

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The petitioner sought to withdraw the petition due to a settlement reached between the parties on December 26, 2019.

## Facts

Abhi Vairavan's Plumbing Co. filed a petition against Colorhome Developers Pvt Ltd under the IBC. A settlement was reached between the parties on December 26, 2019. The petitioner then sought to withdraw the petition. The court considered this settlement and the representation for withdrawal.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as …

**Ratio:** Rule 8 of the I&B (AAA) Rules, 2016 allows for the dismissal of a petition if the

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**Reasoning:** The court reasoned that since a settlement was reached between the parties on December

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**Interpretation:** The interpretation of Rule 8 of the I&B (AAA) Rules, 2016 is that it

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**Application:** The court applied Rule 8 of the I&B (AAA) Rules, 2016 to the specific facts

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## Parties

- **Judges:** SHRIR VARAD…; SHRI. ANIL…
- **Appellants:** ABHI VAIRAVAN'S…
- **Respondents:** COLORHOME…

## Timeline

- **2019-12-26 — Settlement Ag…**: A settlement was reached between Abhi Vairavan's Plumbing Co. and Colorhome Developers…
- **2020-01-07 — Order Da…**: The NCLT dismissed the petition as…

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