# In the matter of Emaar India Ltd. IB-345-ND-2021

> NCLT judgment dated 2021-07-30. Citation: TCN-2021-NCLT-01538. The case involves an application for withdrawal of a company petition bearing IB No.…

- **Court:** NCLT
- **Order date:** 30 Jul 2021
- **Citation:** TCN-2021-NCLT-01538
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/emaar-india-ltd-ib-345-nd-2021-14837ba3

## Summary

### Background

The case involves an application for withdrawal of a company petition bearing IB No. 345/ND/2021 against the corporate debtor. The matter was settled outside the Tribunal, leading to the withdrawal application. The operational creditor sought the withdrawal in terms of a settlement agreement.

## Facts

M/s. Hiconhera Buildtech Pvt. Ltd. filed a company petition (IB No. 345/ND/2021) against M/s. Emaar India Ltd. under Section 9 of the IBC. Subsequently, the parties reached a settlement outside the National Company Law Tribunal (NCLT). As a result of this settlement, the operational creditor, M/s. Hiconhera Buildtech Pvt. Ltd., filed an application (IA No. 3266 of 2021) to withdraw the petition. The settlement agreement was dated 2021-07-23. The counsel for the corporate debtor, M/s. Emaar India Ltd., consented to the withdrawal. The relevance of the settlement is that it forms the basis for the withdrawal of the insolvency petition, indicating a resolution between the parties outside of formal legal proceedings.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition should be allowed based on the …

**Ratio:** A company petition can be withdrawn if the parties have reached a settlement outside the

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**Reasoning:** The court reasoned that since the parties had settled the matter outside the Tribunal and

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**Interpretation:** This interprets Section 9 of the IBC and Rule 11 of NCLT Rules, allowing for

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

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## Parties

- **Judges:** P.S.N. P…; HEMANT KUMAR…
- **Appellants:** M/s. Hiconhera…
- **Respondents:** M/s. Emaar India…

## Timeline

- **2021-07-23 — Settlement Agreement…**: The settlement agreement between…
- **2021-07-30 — Order Del…**: The order was delivered on 2021-07-30,…

## 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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