# Iin the matter of Omega Infrabuild Pvt. Ltd. (IB)-488(ND)-2019

> NCLT judgment dated 2019-07-03. Citation: TCN-2019-NCLT-02700. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 3 Jul 2019
- **Citation:** TCN-2019-NCLT-02700
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/iin-the-matter-of-omega-infrabuild-pvt-ltd-ib-488nd-2019-e3a07a4a

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The applicant is Mr. Anand Prakash, and the respondent is M/s Omega Infrabuild Pvt Ltd. The matter was listed as Item No. 124 in Court No. IV of the National Company Law Tribunal (NCLT), New Delhi. The order was delivered on July 3, 2019.

## Facts

Mr. Anand Prakash, the applicant, filed a case against M/s Omega Infrabuild Pvt Ltd, the respondent, under Section 9 of the IBC. The applicant's counsel informed the court that the matter had been settled, and the applicant had received the claim amount. As a result, the applicant sought to withdraw the application. The court, after considering the submission, allowed the withdrawal and disposal of the application IB-975/ND/2019. The key fact is the settlement between the parties, leading to the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the applicant's request for withdrawal of the application should be granted given the …

**Ratio:** When a matter is settled between parties and the applicant receives the claim amount, the

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**Reasoning:** The court reasoned that since the applicant confirmed the settlement and receipt of the

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**Interpretation:** This interpretation suggests that the NCLT prioritizes settlements between

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**Application:** In this specific case, the ratio and reasoning were applied to allow the

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## Parties

- **Judges:** DEEPTI M…; Pradeep R.…
- **Appellants:** Mr Anand P…
- **Respondents:** M/s Omega…

## Timeline

- **2019-07-03 — Order Del…**: Order delivered on 03.07.2019, allowing…

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