# In the matter of Homes Connect Developers Pvt. Ltd. IA-3822-2021 in (IB)-1094(ND)2019

> NCLT judgment dated 2021-10-01. Citation: TCN-2021-NCLT-00907. The case involves an application for withdrawal of an application under Section 7 of the IBC,…

- **Court:** NCLT
- **Order date:** 1 Oct 2021
- **Citation:** TCN-2021-NCLT-00907
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/homes-connect-developers-pvt-ltd-ia-3822-2021-in-ib-1094nd2019-5e77ee42

## Summary

### Background

The case involves an application for withdrawal of an application under Section 7 of the IBC, 2016. The Applicant/RP sought withdrawal based on a settlement reached between the parties. The COC approved the withdrawal of CIRP with a 100% voting share.

## Facts

M/s. S. S. Enterprises filed an application against M/s. Homes Connect Developers Pvt. Ltd. under Section 7 of the IBC, 2016. The Applicant/RP then filed IA/3822/2021 seeking withdrawal of the application due to a settlement reached between the parties. The COC approved the withdrawal of the CIRP with a 100% voting share in its meeting held on July 10, 2021. The RP also received the CIRP cost. The court considered these submissions and permitted the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP application should be allowed based on the …

**Ratio:** The legal principle applied is that an application for initiating CIRP can be withdrawn

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**Reasoning:** The court reasoned that the applicant's counsel submitted that a settlement had been

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**Interpretation:** This case interprets the provisions of the IBC, 2016, specifically regarding

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

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; Shri. L. N.…
- **Appellants:** M/s. S. S.…
- **Respondents:** M/s. Homes…

## Timeline

- **2021-07-10 — COC Meet…**: The COC approved the withdrawal…
- **2021-10-01 — Order Del…**: Order delivered on the…

## 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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