# In the matter of Kasata Hometech India Private Limited C.P. (IB)-109(MB)-2021

> NCLT judgment dated 2021-07-12. Citation: TCN-2021-NCLT-01779. The case pertains to CP 109 of 2021 filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Jul 2021
- **Citation:** TCN-2021-NCLT-01779
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kasata-hometech-india-private-limited-cp-ib-109mb-2021-08a4723f

## Summary

### Background

The case pertains to CP 109 of 2021 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against Kasata Hometech India Private Limited due to default in payment of financial debt. The petitioners and the respondent have entered into a settlement agreement by executing Consent Terms dated 2nd June, 2021.

## Facts

A petition, CP 109 of 2021, was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kasata Hometech India Private Limited due to default in payment of financial debt. Before any significant progress in the CIRP, the Petitioners and the Respondent entered into a settlement agreement, executing Consent Terms dated June 2, 2021. Consequently, the Petitioners sought to withdraw the petition, citing the settlement. The professional representative for the petitioner appeared before the NCLT and confirmed the settlement and the filing of a withdrawal memo. The NCLT considered the settlement agreement and the request for withdrawal.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be

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**Reasoning:** The court considered the settlement agreement reached between the parties and the request

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**Interpretation:** The interpretation is that the court has the discretion to allow the withdrawal

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**Application:** In this case, the parties reached a settlement agreement, and the petitioners

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## Parties

- **Judges:** Chandra Bha…; SUCHITRA KANUPARTH…; +1 more
- **Appellants:** RAMINDER D…
- **Respondents:** Kasata Hometech…

## Timeline

- **2021-06-02 — Settlement Ag…**: Petitioners and Respondent entered into a…
- **2021-07-12 — Order Shee…**: Order sheet of the hearing of Mumbai Bench…

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