# In the matter of Jai Prakash Associates CA No. 209-2019 in CP No. (IB)150-ALD-2019

> NCLT judgment dated 2019-07-31. Citation: TCN-2019-NCLT-02164. The case involves a petition filed under the Insolvency and Bankruptcy Code. During the…

- **Court:** NCLT
- **Order date:** 31 Jul 2019
- **Citation:** TCN-2019-NCLT-02164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jai-prakash-associates-ca-no-209-2019-in-cp-no-ib150-ald-2019-5653dbff

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code. During the proceedings, the parties reached an amicable settlement. The petitioner sought to withdraw the case under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

## Facts

Mrs. Kulwant Khokhar filed a petition against M/s. Jai Prakash Associates under the Insolvency and Bankruptcy Code. During the pendency of the proceedings, the parties reached an amicable settlement. The petitioner, Mrs. Kulwant Khokhar, sought to withdraw the petition under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The counsel for the petitioner submitted that the corporate debtor has already received the post-dated cheques. The court considered the settlement and permitted the withdrawal of the petition, dismissing the IB petition without liberty to revive it.

## Issues and analysis

### Issue 1: Whether the petitioner should be permitted to withdraw the petition in light of the settlement …

**Ratio:** Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,

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**Reasoning:** The court considered the fact that the parties had settled the dispute amicably. The

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**Interpretation:** Rule 8 provides the Adjudicating Authority with the discretion to allow the

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**Application:** The court applied Rule 8 to the present case, considering the settlement

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## Parties

- **Judges:** Saroj Ra…; ABNI RANJAN KUMAR…
- **Appellants:** Kulwant K…
- **Respondents:** M/s. Jai Prakash…
- **Advocates:** Aishwarya Pratap…; R.P. Ag…

## Timeline

- **2019-07-31 — Hearing…**: Hearing of Allahabad Bench of the…
- **2016-01-01 — Rule Enac…**: Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,…

## 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)

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