# In the matter of Mantri Developers Pvt. Ltd. C.P. (IB) No. 163-BB-2018

> NCLT judgment dated 2019-09-23. Citation: TCN-2019-NCLT-01318. The case involves a petition filed by Shri Doddappagowda Shivasangappa Patil, the Financial…

- **Court:** NCLT
- **Order date:** 23 Sept 2019
- **Citation:** TCN-2019-NCLT-01318
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mantri-developers-pvt-ltd-cp-ib-no-163-bb-2018-008b6b34

## Summary

### Background

The case involves a petition filed by Shri Doddappagowda Shivasangappa Patil, the Financial Creditor, under Section 7 of the IBC, 2016, against M/s. Mantri Developers Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was based on the Corporate Debtor's alleged default of Rs. 1,27,34,200 as of 30.06.2018. The case was listed for admission on multiple dates, during which the parties explored settlement possibilities.

## Facts

Shri Doddappagowda Shivasangappa Patil, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against M/s. Mantri Developers Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 1,27,34,200 as of 30.06.2018. The case was listed for admission on various dates. During the proceedings, the parties entered into a Memorandum of Settlement dated 21.09.2019, where the Corporate Debtor agreed to pay Rs. 1,26,77,757 to the Financial Creditor. Consequently, the Financial Creditor sought to withdraw the petition, which was supported by the Corporate Debtor. The relevance of the settlement is that it resolved the dispute between the parties, leading to the withdrawal of the insolvency

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## Issues and analysis

### Issue 1: Whether the Tribunal should permit the Financial Creditor to withdraw the petition in light of the …

**Ratio:** A company petition can be withdrawn if the parties have settled the issue between

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**Reasoning:** The Tribunal reasoned that since the parties had settled the issue by entering into a

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**Interpretation:** This reflects the principle that tribunals can facilitate settlements between

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

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Doddappagowda…
- **Respondents:** Mantri Developers…; M/s. Mantri…
- **Advocates:** Sushant…; K. Dushyantha…

## Timeline

- **2018-09-20 — Case Listed for…**: The case was initially…
- **2018-10-04 — Case Listed for…**: The case was listed for…

## 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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