# In the matter of Colorhome Developers Pvt. Ltd. IBA-750-2019

> NCLT judgment dated 2019-11-11. Citation: TCN-2019-NCLT-00639. The case involves a petition under the Insolvency and Bankruptcy Code (IBC). The counsel for…

- **Court:** NCLT
- **Order date:** 11 Nov 2019
- **Citation:** TCN-2019-NCLT-00639
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/colorhome-developers-pvt-ltd-iba-750-2019-e6cfed8a

## Summary

### Background

The case involves a petition under the Insolvency and Bankruptcy Code (IBC). The counsel for both the petitioner and the corporate debtor were present. The petitioner sought to withdraw the petition based on a settlement reached between the parties.

## Facts

The petitioner, Dulichand Jain, filed a petition against Colorhome Developers Pvt Ltd under the IBC. During the hearing, the counsel for both the petitioner and the corporate debtor were present. The petitioner's counsel stated that a settlement had been reached between the parties, and as a result, the petitioner wished to withdraw the petition. The court considered this representation and the relevant rules before dismissing the petition.

## Issues and analysis

### Issue 1: Whether the petition can be dismissed as withdrawn based on the settlement between the parties and …

**Ratio:** A petition can be dismissed as withdrawn if the parties have reached a settlement and the

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**Reasoning:** The court reasoned that since the petitioner and the corporate debtor had reached a

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**Interpretation:** This interpretation allows for the dismissal of a petition when a settlement is

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**Application:** In this case, the petitioner's request to withdraw the petition, based on the

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## Parties

- **Judges:** SHRIR VARAD…
- **Appellants:** DULICHAND…
- **Respondents:** COLORHOME…

## Timeline

- **2019-11-11 — Hearing…**: Hearing held at 10:30 AM at the National…
- **2019-11-11 — Petition Di…**: The petition was dismissed as withdrawn…

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