# In the matter of Madhucon Projects Ltd CP (IB) No. 691-9-HDB-18

> NCLT judgment dated 2021-07-01. Citation: TCN-2021-NCLT-01873. The case involves a petition or application before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 1 Jul 2021
- **Citation:** TCN-2021-NCLT-01873
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/madhucon-projects-ltd-cp-ib-no-691-9-hdb-18-5b8839a4

## Summary

### Background

The case involves a petition or application before the National Company Law Tribunal (NCLT), Hyderabad. Learned Counsel for the Operational Creditor and Learned Counsel for the Corporate Debtor appeared via video conference.

## Facts

The Company Petition/Application No. is CP (IB) No. 691/9/HDB/18. The name of the company is Madhucon Projects Ltd. The petitioner is ABB India Ltd. The respondent is Madhucon Projects Ltd. The case is under Section 9 of the IBC. The Learned Counsel for the Operational Creditor and Learned Counsel for the Corporate Debtor appeared via video conference and submitted that the matter is settled. The Operational Creditor sought liberty to withdraw the matter.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the matter given that the …

**Ratio:** When parties reach a settlement, the court may

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**Reasoning:** The Learned Counsel for the Operational Creditor sought liberty to withdraw the matter

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**Interpretation:** This reflects the court's willingness to allow parties to resolve disputes

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**Application:** The court applied this principle by granting permission to the Operational

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** ABB India…
- **Respondents:** Madhucon Projects…

## Timeline

- **2021-07-01 — Hearing…**: Hearing held on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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