# In the matter of EPC Projects and Technical Services Limited CP (IB) No. 531-9-HDB-2018

> NCLT judgment dated 2019-02-06. Citation: TCN-2019-NCLT-04986. The case involves a petition filed by Shree Durga Infra Projects Pvt Ltd, an operational…

- **Court:** NCLT
- **Order date:** 6 Feb 2019
- **Citation:** TCN-2019-NCLT-04986
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/epc-projects-and-technical-services-limited-cp-ib-no-531-9-hdb-2018-bd098976

## Summary

### Background

The case involves a petition filed by Shree Durga Infra Projects Pvt Ltd, an operational creditor, against Crescent EPS Projects & Technical Services Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. However, during the proceedings, both parties reached a settlement.

## Facts

Shree Durga Infra Projects Pvt Ltd, the operational creditor, filed a petition against Crescent EPS Projects & Technical Services Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The petition sought to initiate CIRP against the corporate debtor. During the proceedings, the operational creditor and the corporate debtor reached a settlement. The terms of the settlement included a full and final settlement amount of Rs. 2,40,00,000/-. The operational creditor then filed a withdrawal memo requesting permission to withdraw the petition based on the settlement. The petition had not yet been admitted, and no IRP had been appointed. The court considered the settlement and the stage of the proceedings before deciding to dismiss the petition as withdrawn,

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## Issues and analysis

### Issue 1: Whether the operational creditor can be granted permission to withdraw the petition under Rule 8 of …

**Ratio:** Rule 8 of the I&B (AAA) Rules, 2016, allows for the withdrawal of a petition under

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**Reasoning:** The court reasoned that since the petition was not yet admitted and no IRP had been

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**Interpretation:** Rule 8 is interpreted to provide flexibility to the adjudicating authority to

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**Application:** In this case, the operational creditor and the corporate debtor reached a

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Respondents:** Crescent EPS…
- **Advocates:** Vinod P…; Swetha T…; +3 more

## Timeline

- **2018-01-01 — CP(IB) F…**: CP(IB) No. 531/9/HDB/201…
- **2019-02-06 — Hearing…**: Hearing held on…

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