# In the matter of Fort Projects Pvt. Ltd. CA(IB)No. 1513-KB-2019 in CP(IB) No. 614-KB-2019

> NCLT judgment dated 2019-11-18. Citation: TCN-2019-NCLT-00571. The case involves an application CA(IB) No. 1513/KB/2019 filed by the Financial Creditor under…

- **Court:** NCLT
- **Order date:** 18 Nov 2019
- **Citation:** TCN-2019-NCLT-00571
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fort-projects-pvt-ltd-caibno-1513-kb-2019-in-cpib-no-614-kb-2019-b84ed2ca

## Summary

### Background

The case involves an application CA(IB) No. 1513/KB/2019 filed by the Financial Creditor under Rule 11 of the NCLT Rules, 2016, seeking withdrawal of the main CP (Company Petition) on the ground of settlement of the dispute between the parties. The Committee of Creditors is yet to be formed. The fees and claims filed before the Insolvency Resolution Professional have also been settled.

## Facts

Aris Capital Pvt. Ltd. filed a case against Fort Projects Pvt. Ltd. under Section 7 of the IBC. An application CA(IB) No. 1513/KB/2019 was filed by the Financial Creditor seeking withdrawal of the main CP based on a settlement between the parties. The Committee of Creditors had not yet been formed. The fees and claims filed before the Insolvency Resolution Professional were also settled. The court considered the settlement and allowed the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main CP can be allowed based on the settlement …

**Ratio:** The legal principle applied is that if the parties have settled the dispute, the court

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**Reasoning:** The court reasoned that since the parties have settled the dispute, it is appropriate to

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**Interpretation:** This interprets Rule 11 of the NCLT Rules, 2016, which allows for the

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

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Aris Capital Pvt.…
- **Respondents:** Fort Projects…
- **Advocates:** S.K. S…; Rin B…; +4 more

## Timeline

- **2019-11-18 — Hearing…**: Hearing held on November…
- **2019-01-01 — Application…**: Application CA(IB) No. 1513/KB/2019…

## 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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