# 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-00078. 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-00078
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fs-housing-pvt-ltd-cp-no-ib-274-7-jpr-2019-f71fdca1

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 by Sangeeta B. Agarwal through AR Banshidhar D. Agarwal against FS Housing Pvt. Ltd. The Financial Creditor sought to initiate corporate insolvency resolution process against the Corporate Debtor.

## Facts

Sangeeta B. Agarwal, acting as the Financial Creditor, filed a petition under Section 7 of the IBC against FS Housing Pvt. Ltd., the Corporate Debtor. The petition was subsequently sought to be withdrawn based on a settlement agreement between the parties. This agreement involved the Corporate Debtor making payments in six installments, with the final installment due on May 20, 2020. The settlement agreement was documented in an annexure. The counsels informed the court that failure to meet the payment commitment or dishonoring of cheques would allow the Financial Creditor to revive the matter. The court then disposed of the matter and allowed the petition to be withdrawn.

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### Issue 1: Whether the petition filed under Section 7 of the IBC can be withdrawn based on a settlement …

**Ratio:** A petition filed under Section 7 of the IBC can be withdrawn if the parties reach a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 of both parties and the settlement agreement reached

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**Interpretation:** This interpretation allows for flexibility in insolvency proceedings, enabling

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**Application:** In this case, the Financial Creditor sought to withdraw the petition based on a

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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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