# In the matter of EMMAR MGF Lands Ltd. (IB)-1859(PB)-2019

> NCLT judgment dated 2019-08-30. Citation: TCN-2019-NCLT-01648. The case involves K.C.C Buildtech Pvt. Ltd. as the applicant/petitioner and Emmar MGF Land Ltd.…

- **Court:** NCLT
- **Order date:** 30 Aug 2019
- **Citation:** TCN-2019-NCLT-01648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/emmar-mgf-lands-ltd-ib-1859pb-2019-4a596f3f

## Summary

### Background

The case involves K.C.C Buildtech Pvt. Ltd. as the applicant/petitioner and Emmar MGF Land Ltd. as the respondent. The order pertains to Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The learned counsel for the petitioner stated that the dispute has been amicably settled between the parties, and instructions were given to apply for withdrawal of the petition.

## Facts

K.C.C Buildtech Pvt. Ltd. filed a petition against Emmar MGF Land Ltd. under Section 7 of the IBC, 2016. The petitioner's counsel informed the court that the dispute had been amicably settled between the parties, and they were instructed to withdraw the petition. Consequently, the court dismissed the petition as withdrawn. The amicable settlement suggests a resolution of the underlying financial or contractual issues between the parties, leading to the withdrawal of the insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC, 2016, should be dismissed as withdrawn based …

**Ratio:** A petition can be dismissed as withdrawn if the parties have amicably settled the dispute

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**Reasoning:** The court accepted the statement of the petitioner's counsel that the dispute had been

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**Interpretation:** The interpretation is that when parties involved in a legal dispute under

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**Application:** In this case, the petitioner, K.C.C Buildtech Pvt. Ltd., indicated through

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## Parties

- **Judges:** DEEPTI M…; SH. S. K.…
- **Appellants:** K.C.C Buildtech…
- **Respondents:** Emmar MGF Land…

## Timeline

- **N/A — Petition…**: K.C.C Buildtech Pvt. Ltd. filed a petition against Emmar MGF Land Ltd. under Section 7 of…
- **2019-08-30 — Order Del…**: The court dismissed the petition as withdrawn following the amicable settlement between…

## 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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