# 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-01781. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 12 Jul 2021
- **Citation:** TCN-2021-NCLT-01781
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kasata-hometech-india-private-limited-cp-ib-109mb-2021-65071816

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, for the initiation of the Corporate Insolvency Resolution Process (CIRP) against Kasata Hometech India Private Limited due to default in payment of financial debt. However, the petitioners and the respondent entered into a settlement agreement, executing Consent Terms dated June 2, 2021.

## Facts

A petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Kasata Hometech India Private Limited due to a default in financial debt payment. The petitioners and the respondent subsequently entered into a settlement agreement, formalized through Consent Terms dated June 2, 2021. Consequently, the petitioners sought to withdraw the petition, citing the settlement agreement as the basis for their request. The relevance of the settlement agreement is that it resolves the financial dispute outside of the CIRP, leading to the request for withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the withdrawal of the petition filed under Section 7 of the …

**Ratio:** The legal principle applied is that if parties reach a settlement agreement, the Tribunal

…

**Reasoning:** The court reasoned that since the parties had reached a settlement agreement, allowing

…

**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code allows for

…

**Application:** In this specific case, the court applied the ratio by considering the

…

## Parties

- **Judges:** Chandra Bha…; SUCHITRAKAN…
- **Appellants:** RAMINDER D…
- **Respondents:** Kasata Hometech…

## Timeline

- **2021-06-02 — Settlement Ag…**: Petitioners and Respondent entered into a…
- **2021-07-12 — Order for Wit…**: The Bench allowed the withdrawal of CP…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/kasata-hometech-india-private-limited-cp-ib-109mb-2021-65071816