# In the matter of Madhucon Projects Pvt. Ltd. CP (IB) No. 355-9-HDB-2020

> NCLT judgment dated 2021-07-22. Citation: TCN-2021-NCLT-01662. The case pertains to a transfer petition before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 22 Jul 2021
- **Citation:** TCN-2021-NCLT-01662
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/madhucon-projects-pvt-ltd-cp-ib-no-355-9-hdb-2020-4ba652ed

## Summary

### Background

The case pertains to a transfer petition before the National Company Law Tribunal (NCLT), Hyderabad. The matter involves Madhucon Projects Ltd as the company, Johnson Lifts Pvt Ltd as the petitioner, and Madhucon Projects Ltd as the respondent. The application is filed under Section 9 of the Insolvency and Bankruptcy Code (IBC).

## Facts

The case involves a petition filed by Johnson Lifts Pvt Ltd against Madhucon Projects Ltd under Section 9 of the IBC. Both the operational creditor (Johnson Lifts Pvt Ltd) and the corporate debtor (Madhucon Projects Ltd) appeared through their respective counsels. A joint memo was filed, indicating that the matter had been settled between the parties. The operational creditor then sought permission to withdraw the petition. The relevance of these facts lies in demonstrating the settlement of the dispute and the subsequent withdrawal of the insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the operational creditor should be granted permission to withdraw the petition based on the …

**Ratio:** The legal principle applied here is that parties are generally allowed to settle their

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**Reasoning:** The court's reasoning is based on the joint submission of the counsels that the matter

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**Interpretation:** This reflects the interpretation that courts generally encourage and respect

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**Application:** In this specific case, the ratio and reasoning are applied to allow Johnson

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** Johnson Lifts Pvt…
- **Respondents:** Madhucon Projects…

## Timeline

- **2021-07-22 — Hearing…**: Hearing held on 22.07.2021 at 10:30 AM where counsels appeared and submitted a joint memo…

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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/madhucon-projects-pvt-ltd-cp-ib-no-355-9-hdb-2020-4ba652ed