# In the matter of E City Projects Lucknow Private Limited C P No. (IB)364-ALD-2018

> NCLT judgment dated 2019-04-30. Citation: TCN-2019-NCLT-03624. A joint application was filed by both parties seeking withdrawal of the present I&B petition,…

- **Court:** NCLT
- **Order date:** 30 Apr 2019
- **Citation:** TCN-2019-NCLT-03624
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/e-city-projects-lucknow-private-limited-c-p-no-ib364-ald-2018-af2894ae

## Summary

### Background

A joint application was filed by both parties seeking withdrawal of the present I&B petition, stating that a settlement had been reached between the parties. The applicant also sought the liberty to file a fresh I&B petition if the terms of the settlement were not complied with.

## Facts

A joint application was filed by both parties seeking the withdrawal of the present I&B petition, CP No.(IB)364/ALD/2018. The application stated that a settlement had been reached between the parties. The applicant also requested the liberty to file a fresh I&B petition if the terms of the settlement were not complied with. The court allowed the joint application, dismissing the I&B petition as withdrawn. The court clarified that the dismissal would not operate as res judicata, preserving the parties' rights to pursue legal remedies. Mansumyer Singh, Advocate for the Financial Creditor, and Adarsh Bhushan, Advocate for the Corporate Debtor, were present.

## Issues and analysis

### Issue 1: Whether the joint application for withdrawal of the I&B petition should be allowed based on the …

**Ratio:** A joint application for withdrawal can be allowed if the parties have reached a

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**Reasoning:** The court considered the joint application and the fact that a settlement had been

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**Interpretation:** The legal principle allows for the withdrawal of a petition when parties

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**Application:** The court applied this principle by allowing the withdrawal of the I&B

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## Parties

- **Judges:** Saroj Ra…; Harihar Prakash…
- **Appellants:** MANSUMYER…
- **Respondents:** Adarsh Bh…

## Timeline

- **2019-04-15 — Order Da…**: Order sheet of the hearing of Allahabad…

## 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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