# In the matter of Kashish Developers Ltd. CA(IB)34-KB-2020 in CP(IB)No. 1605-KB-2018

> NCLT judgment dated 2019-01-07. Citation: TCN-2019-NCLT-05320. The case involves an application filed by the applicant/financial creditor under Rule 11 of the…

- **Court:** NCLT
- **Order date:** 7 Jan 2019
- **Citation:** TCN-2019-NCLT-05320
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kashish-developers-ltd-caib34-kb-2020-in-cpibno-1605-kb-2018-88fdd44d

## 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 The Corporate Debtor's counsel submitted that the appeal has been withdrawn.

## 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 due to a settlement. The Corporate Debtor had challenged the admission order before the NCLAT (CA(AT)(Insolvency) No. 1291 of 2019), but the appeal was withdrawn. The IRP's costs and fees are to be paid by the Corporate Debtor.

## Issues and analysis

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

**Ratio:** The principle is that if parties have settled their disputes and the Corporate Debtor's

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**Reasoning:** The court reasoned that since the Corporate Debtor's counsel submitted that the appeal

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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 court applied this principle by allowing the withdrawal of the CP after

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## Parties

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

## Timeline

- **2020-01-07 — Hearing…**: Hearing held on January…
- **2019-01-01 — Appeal Befor…**: Corporate Debtor challenged the order of admission before the Hon'ble NCLAT being…

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