# In the matter Union Bank of India Vs. Ishwar Chand Agarwal, CP (IB) No. 71/ALD/2021

> Read the full IBC case summary for In the matter Union Bank of India Vs. Ishwar Chand Agarwal, CP (IB) No. 71/ALD/2021. NCLT judgment dated 2022-06-01.…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-04726
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-the-matter-union-bank-of-india-vs-ishwar-chand-agarwal-cp-f36c9077

## Summary

### Background

The case involved an application filed under section 95 of the Insolvency and Bankruptcy Code (IBC). During the proceedings, the parties reached an out-of-court settlement.

## Facts

The matter, CP (IB) No. 71/ALD/2021, was listed before the National Company Law Tribunal, Allahabad Bench, Prayagraj, on June 1, 2022. The application was filed under section 95 of the Insolvency and Bankruptcy Code (IBC).

During the hearing, the counsel for the petitioner, Sh. Sandeep Arora, informed the Tribunal that the parties involved in the case had successfully reached a settlement outside the court. This submission was duly recorded by the Tribunal.

Following the confirmation of the out-of-court settlement, the Tribunal decided to dismiss the application as withdrawn. The order also directed that the file be consigned to the records.

## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Advocates:** For the petitioner…

## Timeline

- **June 1, 2022 — Hearing and Se…**: The case was heard, and the petitioner's counsel submitted that an out-of-court…
- **June 1, 2022 — Application D…**: Based on the settlement, CP (IB) No.…

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