# In the matter of Colorhome Developers Pvt. Ltd. IBA-754-2019

> NCLT judgment dated 2019-12-16. Citation: TCN-2019-NCLT-00171. The case involves a petition under the Insolvency and Bankruptcy Code (IBC). The parties…

- **Court:** NCLT
- **Order date:** 16 Dec 2019
- **Citation:** TCN-2019-NCLT-00171
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/colorhome-developers-pvt-ltd-iba-754-2019-7b9166a9

## Summary

### Background

The case involves a petition under the Insolvency and Bankruptcy Code (IBC). The parties involved have chosen to settle the matter amicably. The petitioner seeks to withdraw the petition with the liberty to approach the Tribunal again if the Corporate Debtor fails to adhere to the terms of the settlement.

## Facts

The petitioner, Abishek K HUF & 4 others, filed a petition against the respondent, Colorhome Developers Pvt Ltd, under Section 7 Rule 4 of an unspecified act. The parties chose to settle the matter amicably, arriving at a settlement on 2019-12-04. Based on this settlement, the petitioner sought to withdraw the petition, with the liberty to approach the Tribunal again if the Corporate Debtor fails to adhere to the terms of the settlement. The court considered the representation of counsel for both parties and Rule 8 of the I&B (Application to Adjudicating Authority) Rules, 2016.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as withdrawn based on the settlement reached between the …

**Ratio:** The principle of allowing parties to settle disputes amicably and withdraw petitions

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**Reasoning:** The court considered the representation of counsel for both parties, indicating that a

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**Interpretation:** The court interpreted Rule 8 of the I&B (Application to Adjudicating

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**Application:** The court applied the principle of allowing withdrawal based on settlement to

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** ABISHEK…
- **Respondents:** COLORHOME…

## Timeline

- **2019-12-04 — Settlemen…**: Parties arrived at a…
- **2019-12-16 — Order Da…**: Petition dismissed as withdrawn; liberty given to the Petitioner to file a fresh petition…

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