# 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-00915. 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-00915
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/homes-connect-developers-pvt-ltd-ia-3822-2021-in-ib-1094nd2019-97957c24

## Summary

### Background

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

## Facts

M/s. S. S. Enterprises filed an application (IA/3822/2021) for withdrawal of an application under Section 7 of the IBC, 2016, against M/s. Homes Connect Developers Pvt. Ltd. The basis for the withdrawal is a settlement reached between the parties. The COC approved the withdrawal of the CIRP with a 100% voting share in its meeting dated July 10, 2021. The RP has received the CIRP cost. The application IB-1094/2019 was filed under Section 7 of IBC, 2016.

## Issues and analysis

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

**Ratio:** The court has the discretion to allow the withdrawal of a CIRP application if there is a

…

**Reasoning:** The court considered the submissions of the counsel for the applicant, the settlement

…

**Interpretation:** This case interprets the provisions of the IBC, 2016, relating to the

…

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

…

## Parties

- **Judges:** SHRI. ABNI RANJAN…; Shri. L. N.…
- **Appellants:** M/s. S. S.…
- **Respondents:** M/s. Homes…
- **Advocates:** Ritesh Ag…; Teejas B…; +1 more

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/homes-connect-developers-pvt-ltd-ia-3822-2021-in-ib-1094nd2019-97957c24