# In the matter of Excel Intelligence Services Pvt. Ltd. C.P. (IB) No.45-BB-2019

> NCLT judgment dated 2019-02-18. Citation: TCN-2019-NCLT-04815. The case pertains to C.P. (IB) No.45/BB/2019 filed by Shri J. Seshadri ('Applicant/Financial…

- **Court:** NCLT
- **Order date:** 18 Feb 2019
- **Citation:** TCN-2019-NCLT-04815
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/excel-intelligence-services-pvt-ltd-cp-ib-no45-bb-2019-0938a1f8

## Summary

### Background

The case pertains to C.P. (IB) No.45/BB/2019 filed by Shri J. Seshadri ('Applicant/Financial Creditor') under Section 7 of the IBC, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Excel Intelligence Services Private Limited ('Corporate Debtor') due to a default of Rs.6,36,036/-. The Financial Creditor and Corporate Debtor settled the matter out of court.

## Facts

Shri J. Seshadri, the Financial Creditor, filed C.P. (IB) No.45/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Excel Intelligence Services Private Limited, the Corporate Debtor. The basis for the application was a default of Rs.6,36,036/- by the Corporate Debtor. Subsequently, the Financial Creditor and the Corporate Debtor reached an out-of-court settlement. The Corporate Debtor agreed to pay Rs.6,67,134/- in full and final settlement of all financial debts and paid the debt through Demand Draft No.001875 dated 08/02/2019. The Financial Creditor then submitted a memo to the Tribunal requesting the withdrawal of the company petition. The Respondent had no objection to the withdrawal.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the withdrawal of C.P. (IB) No.45/BB/2019 given the out-of-court …

**Ratio:** The principle is that if parties reach a settlement and the applicant seeks to withdraw

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**Reasoning:** The court reasoned that since the Financial Creditor and the Corporate Debtor had settled

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**Interpretation:** This case interprets the provisions of the IBC, 2016, and the related rules

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**Application:** In this specific case, the Financial Creditor filed a memo indicating a

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** J. Sesh…
- **Respondents:** M/s. Excel…

## Timeline

- **2019-02-08 — Demand Draft…**: Corporate Debtor paid the financial…
- **2019-02-16 — Memo Fil…**: Shri A.M. Sridharan, learned Counsel for the Petitioner, filed a Memo stating that the…

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