# In the matter of Crescent EPS Projects & Technical Services Pvt. Ltd. CP(IB) No. 431-9-HDB-2018

> NCLT judgment dated 2019-07-04. Citation: TCN-2019-NCLT-02680. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 4 Jul 2019
- **Citation:** TCN-2019-NCLT-02680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/crescent-eps-projects-technical-services-pvt-ltd-cpib-no-431-9-hdb-2018-0a816bda

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Crescent EPC Projects and Technical Services Limited. The Operational Creditor, Rajkamal Builders Infrastructure Private Limited, sought to withdraw the petition based on a settlement reached between the parties. A joint memo was filed by both counsels seeking permission for withdrawal.

## Facts

Rajkamal Builders Infrastructure Private Limited, the Operational Creditor, initiated proceedings against Crescent EPC Projects & Technical Services Pvt Ltd, the Corporate Debtor, under Section 9 of the IBC. The parties subsequently reached a settlement, with the Corporate Debtor agreeing to make payments to the Operational Creditor. A joint memo was filed by both counsels, indicating the settlement and seeking permission to withdraw the petition. The settlement involved a payment of Rs.4,30,45,591/- to be made within 10 working days. The Operational Creditor sought to withdraw the petition under Rule 8 of the I&B (AAA) Rules, 2016. The matter was initially reserved for orders, and a memorandum of compromise, including a full and final settlement agreement, was filed.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can be granted permission to withdraw the petition filed under …

**Ratio:** The legal principle applied is that a petition can be withdrawn if the parties have

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**Reasoning:** The court reasoned that since the parties had reached a settlement, as evidenced by the

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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 ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Rajkamal Builders…
- **Respondents:** Crescent EPS…
- **Advocates:** Manoj Kumar…; Divya D…; +1 more

## Timeline

- **2018-01-01 — Company Petiti…**: CP(IB) No.431/9/HDB/2018…
- **2019-07-04 — Hearing…**: Hearing held on 04.07.2019 at 10.30 AM. Joint memo filed by both counsels seeking…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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