# In the matter of Esthetic Builtech Pvt. Ltd. (IB)-532(PB)-2019

> NCLT judgment dated 2019-04-22. Citation: TCN-2019-NCLT-03801. ICICI Prudential Venture Capital Fund Real Estate Scheme filed a petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 22 Apr 2019
- **Citation:** TCN-2019-NCLT-03801
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/esthetic-builtech-pvt-ltd-ib-532pb-2019-1065ef61

## Summary

### Background

ICICI Prudential Venture Capital Fund Real Estate Scheme filed a petition under Section 7 of the Insolvency & Bankruptcy Code against Esthetic Builtech Pvt Ltd. The parties reached a settlement, and the financial creditor filed an application for withdrawal of the petition.

## Facts

ICICI Prudential Venture Capital Fund Real Estate Scheme initiated insolvency proceedings against Esthetic Builtech Pvt Ltd under Section 7 of the Insolvency & Bankruptcy Code. During the proceedings, the parties reached a settlement. The Financial Creditor, ICICI Prudential Venture Capital Fund Real Estate Scheme, then filed an application for withdrawal of the petition, supported by a deed of settlement dated 2019-04-16. The Corporate Debtor accepted the notice of the application. The court, after hearing the learned counsel, observed that the matter had been amicably settled.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency & Bankruptcy Code can be withdrawn …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement and the court deems

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**Reasoning:** The court observed that the matter had been amicably settled between the parties and that

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**Interpretation:** This indicates that the court recognizes the right of parties to settle

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**Application:** The court applied this principle by allowing the withdrawal of the petition

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## Parties

- **Judges:** M. M. K…; SH. S. K.…
- **Appellants:** ICICI Prudential…
- **Respondents:** Esthetic Builtech…
- **Advocates:** Arun Kath…; Rakesh…; +2 more

## Timeline

- **2019-04-16 — Deed of Set…**: A deed of settlement…
- **2019-04-22 — Order Del…**: The order was delivered,…

## 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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