# In the matter of KASHISH DEVELOPERS LIMITED

> NCLT judgment dated 2020-01-07. Citation: TCN-2020-NCLT-02460. The case involves an application filed by the applicant/financial creditor under Rule 11 of the…

- **Court:** NCLT
- **Order date:** 7 Jan 2020
- **Citation:** TCN-2020-NCLT-02460
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kashish-developers-limited-3f7e779c

## Summary

### Background

The case involves an application filed by the applicant/financial creditor under Rule 11 of the NCLT Rules for withdrawal of the CP (Company Petition) as a settlement has been reached. The Corporate Debtor had previously challenged the order of admission before the Hon'ble NCLAT in CA(AT)(Insolvency) No. 1291 of 2019. The appeal has been withdrawn as per today's order.

## Facts

Dr. SC Ahuja & Anr. filed a case against Kashish Developers Ltd. under Section 7 of the IBC. The applicant/financial creditor filed an application under Rule 11 of the NCLT Rules for withdrawal of the CP as settlement has been made. The Corporate Debtor had challenged the order of admission before the Hon'ble NCLAT being CA(AT)(Insolvency) No. 1291 of 2019, but the appeal was withdrawn. The Ld. Counsel for the IRP submitted that costs and fees of the IRP are to be paid, and the Ld. Counsel for the Corporate Debtor undertook to pay these costs and fees.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition (CP) should be allowed given the …

**Ratio:** The legal principle is that if a settlement is reached between the parties in a corporate

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**Reasoning:** The court reasoned that since the applicant/financial creditor sought to withdraw the CP

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**Interpretation:** This interprets Rule 11 of the NCLT Rules to allow for the withdrawal of a CP

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** SC Ahuja…
- **Respondents:** Kashish Developers…

## Timeline

- **2019-01-01 — Challenge to Admission…**: The Corporate Debtor challenged the order of admission before the Hon'ble NCLAT being…
- **2020-01-07 — Hearing…**: Attendance-cum-order sheet of the…

## 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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