# In the matter of DVM Buildcon Pvt. Ltd. (IB)-1449(PB)-2018

> NCLT judgment dated 2019-04-01. Citation: TCN-2019-NCLT-04214. An application was filed on behalf of the Corporate Debtor, placing on record a letter of…

- **Court:** NCLT
- **Order date:** 1 Apr 2019
- **Citation:** TCN-2019-NCLT-04214
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dvm-buildcon-pvt-ltd-ib-1449pb-2018-d643df70

## Summary

### Background

An application was filed on behalf of the Corporate Debtor, placing on record a letter of settlement dated 2019-03-23, indicating that the parties have settled. The counsel for the petitioner did not dispute this settlement. The applicant then requested to withdraw the petition.

## Facts

AU Small Finance Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against DVM Buildcon Pvt. Ltd. An application was filed on behalf of the Corporate Debtor, placing on record a letter of settlement dated 2019-03-23, showing that the parties have settled. The counsel for the petitioner did not dispute the settlement and requested to withdraw the petition. The total amount claimed in the petition was Rs. 4,45,52,398/-.

## Issues and analysis

### Issue 1: Whether the petition filed by AU Small Finance Bank Ltd. should be dismissed as withdrawn given the …

**Ratio:** A petition can be dismissed as withdrawn when the parties have settled the matter and the

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**Reasoning:** The court considered the settlement between the parties and the petitioner's request to

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**Interpretation:** This reflects the principle that courts generally respect settlements reached

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**Application:** In this case, the parties reached a settlement, and the petitioner requested to

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** AU Small Finance…
- **Respondents:** DVM Buildcon Pvt.…

## Timeline

- **2019-03-23 — Letter of Set…**: A letter of settlement was placed on record,…
- **2019-04-01 — Order Del…**: The court dismissed the petition as withdrawn, conditional on adherence to the settlement…

## 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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