# 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-02163. 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-02163
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jai-prakash-associates-ca-no-209-2019-in-cp-no-ib150-ald-2019-652d52dc

## 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, with the liberty to revive the petition in case of a breach of settlement by the respondent/corporate debtor. The corporate debtor has reportedly already received the post-dated cheques.

## 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 petitioner initially requested the liberty to revive the petition if the respondent/corporate debtor breached the settlement. The corporate debtor had reportedly already received the post-dated cheques. The court ultimately permitted the withdrawal of the petition without the liberty to revive it.

## Issues and analysis

### Issue 1: Whether the petitioner should be permitted to withdraw the petition under Rule 8 of the Insolvency …

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

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**Reasoning:** The court considered that the parties had settled the dispute. The petitioner requested

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**Interpretation:** Rule 8 provides a mechanism for the withdrawal of an application under the IBC

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**Application:** In this case, the court applied Rule 8 to permit the petitioner to withdraw the

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## Parties

- **Judges:** Saroj Ra…; ABNI RANJAN KUMAR…
- **Appellants:** Kulwant K…
- **Respondents:** M/s. Jai Prakash…
- **Advocates:** Tanmay…; Aishwarya Pratap…; +2 more

## Timeline

- **2019-07-31 — Hearing…**: Hearing of Allahabad Bench of the…
- **2016-01-01 — Relevant…**: 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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