# In the matter of FS Housing Pvt. Ltd. CP No. (IB) - 274-7-JPR-2019

> NCLT judgment dated 2019-12-19. Citation: TCN-2019-NCLT-00061. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 19 Dec 2019
- **Citation:** TCN-2019-NCLT-00061
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fs-housing-pvt-ltd-cp-no-ib-274-7-jpr-2019-a8dbb742

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 by a Financial Creditor, Sangeeta B. Agarwal, against FS Housing Pvt. Ltd. The petition was filed before the National Company Law Tribunal (NCLT), Jaipur.

## Facts

Sangeeta B. Agarwal, acting as the Financial Creditor, initiated a petition against FS Housing Pvt. Ltd., the Corporate Debtor, under Section 7 of the IBC, 2016. The petition was filed with the NCLT Jaipur. Subsequently, the parties reached a settlement agreement, which included a payment schedule of the principal and interest in six installments. The last installment was due on May 20, 2020. Based on this settlement, the Financial Creditor sought to withdraw the petition. The court considered the settlement agreement and the submissions of both parties' counsels. A key fact is the condition that the Financial Creditor retains the right to revive the matter if the Corporate Debtor defaults on the settlement terms, specifically if the Corporate Debtor fails to meet the

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC can be withdrawn based on a settlement …

**Ratio:** A petition filed under Section 7 of the IBC can be withdrawn if the parties reach a

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**Reasoning:** The court considered the submissions made by the counsels for both parties and took the

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**Interpretation:** This legal issue involves the interpretation of the IBC and related rules

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**Application:** In this specific case, the court applied the principle by allowing the

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## Parties

- **Judges:** P.S.N. P…; RAGHU N…; +1 more
- **Appellants:** Sangeeta B.…
- **Respondents:** FS Housing Pvt.…

## Timeline

- **2019-12-19 — Order Del…**: The order was delivered…
- **2020-05-20 — Last Installm…**: The last installment of the…

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