# In the matter of Megasoft Ltd. IBA-68-2020

> NCLT judgment dated 2020-09-08. Citation: TCN-2020-NCLT-00683. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The applicant…

- **Court:** NCLT
- **Order date:** 8 Sept 2020
- **Citation:** TCN-2020-NCLT-00683
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/megasoft-ltd-iba-68-2020-10886db8

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The applicant sought to withdraw the application, stating that the matter had been settled out of court. A memo for withdrawal was filed by the applicant via email.

## Facts

The applicant, Jones Lang LaSalle Property Consultants (India) Pvt Ltd, filed an application (IBA/68/2020) under the IBC. During the proceedings, the applicant's counsel stated that a memo for withdrawal of the application had been filed via email, indicating that the matter had been settled out of court with the respondent, Megasoft Ltd. The court acknowledged the presence of both the applicant's and respondent's counsels. The key fact is the out-of-court settlement, which led to the applicant's request to withdraw the application.

## Issues and analysis

### Issue 1: Whether the application IBA/68/2020 should be dismissed based on the applicant's request for …

**Ratio:** An application can be dismissed if the applicant seeks withdrawal due to a settlement

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**Reasoning:** The court reasoned that since the applicant had filed a memo for withdrawal and

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**Interpretation:** This case interprets the procedural aspects of the IBC, specifically regarding

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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:** R. Sucha…; S. VIJAYARA…
- **Appellants:** JONES LANG…
- **Respondents:** MEGASOF…

## Timeline

- **2020-09-08 — Hearing…**: Hearing held on 08-09-2020 at 10.30…
- **2020-01-01 — Application…**: Application IBA/68/2020…

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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/megasoft-ltd-iba-68-2020-10886db8