# In the matter of I yogi Technical Services Pvt. Ltd. IA No. 4517-ND-2021 in (IB)-351(PB)-2017

> NCLT judgment dated 2021-10-06. Citation: TCN-2021-NCLT-00834. An application was filed by the Operational Creditor seeking withdrawal of the IB application…

- **Court:** NCLT
- **Order date:** 6 Oct 2021
- **Citation:** TCN-2021-NCLT-00834
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/i-yogi-technical-services-pvt-ltd-ia-no-4517-nd-2021-in-ib-351pb-2017-ef177a8e

## Summary

### Background

An application was filed by the Operational Creditor seeking withdrawal of the IB application under Section 9 of the Code. The Operational Creditor stated that the parties have amicably settled the matter and have duly executed a Memorandum of Settlement dated 18.09.2021, a copy of which is placed on record.

## Facts

My Kind Vacations Pvt. Ltd. filed an application against M/s I Yogi Technical Service PvtLtd. under Section 9 of the IBC. The Operational Creditor (My Kind Vacations Pvt. Ltd.) sought to withdraw the application because the parties amicably settled the matter and executed a Memorandum of Settlement dated 18.09.2021. The RP stated that no CIRP costs, including IRP fees, were pending, and the IRP consented to the withdrawal. The CoC was not formed.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the IB application under Section 9 of the Code should be …

**Ratio:** An application for withdrawal can be allowed if the parties have amicably settled the

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**Reasoning:** The court considered the submissions made and the documents placed on record, including

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**Interpretation:** The legal principle is that when parties involved in an insolvency proceeding

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**Application:** In this case, the parties amicably settled the matter, the RP confirmed that no

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** My Kind Vacations…
- **Respondents:** M/s I Yogi…
- **Advocates:** KD Sh…

## Timeline

- **2021-09-18 — Memorandum of S…**: Parties executed a…
- **2021-10-06 — Order Del…**: Order delivered allowing the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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