# In the matter of Innovative Civil Engineering Solutions Pvt. Ltd. CP-491-(IB)-2018

> NCLT judgment dated 2018-07-31. Citation: TCN-2018-NCLT-01033. The petitioner sought withdrawal of the petition because the respondent/corporate debtor paid…

- **Court:** NCLT
- **Order date:** 31 Jul 2018
- **Citation:** TCN-2018-NCLT-01033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/innovative-civil-engineering-solutions-pvt-ltd-cp-491-ib-2018-740c62e7

## Summary

### Background

The petitioner sought withdrawal of the petition because the respondent/corporate debtor paid part of the amount (Rs. 5 Lacs) as per the Memo of Settlement and provided a repayment schedule for the remaining amount. The IRP stated that the corporate debtor's net worth is sufficient to meet future liabilities, and no amounts are outstanding or overdue. No paper publication was made by the IRP to obtain information from other creditors. No COC was formed.

## Facts

USAM Technologies Solutions Pvt Ltd filed a petition against Innovative Civil Engineering Solutions Pvt Ltd. The Corporate Debtor, Innovative Civil Engineering Solutions Pvt Ltd, made a partial payment of Rs. 5 Lacs to USAM Technologies Solutions Pvt Ltd, as per the Memo of Settlement, and provided a schedule for repaying the remaining amount. The IRP representing the Corporate Debtor stated that the Corporate Debtor's net worth is sufficient to meet future liabilities, and there are no outstanding or overdue amounts. No Committee of Creditors (COC) was formed. The Petitioner sought to withdraw the petition based on the settlement.

## Issues and analysis

### Issue 1: Whether the petition can be withdrawn based on the settlement between the parties and the corporate …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement and the corporate

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**Reasoning:** The tribunal considered the settlement agreement and the IRP's representation that the

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**Interpretation:** This case highlights the importance of settlement agreements in insolvency

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**Application:** In this case, the settlement agreement and the IRP's representation regarding

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## Parties

- **Judges:** K. Anantha…; S. VIJAYARA…
- **Appellants:** USAM TECHNOLOGIES…
- **Respondents:** INNOVATIVE CIVIL…

## Timeline

- **2018-07-31 — Hearing…**: Hearing held at 10:30…

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