# In the matter of MG Housing (P) Ltd. CA No. 466-C-III-ND-2018 in IB-278-ND-2019

> NCLT judgment dated 2019-07-22. Citation: TCN-2019-NCLT-02386. CA No. 466/C-III/ND/2018 was filed on behalf of the Financial Creditor seeking withdrawal of…

- **Court:** NCLT
- **Order date:** 22 Jul 2019
- **Citation:** TCN-2019-NCLT-02386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mg-housing-p-ltd-ca-no-466-c-iii-nd-2018-in-ib-278-nd-2019-9b945213

## Summary

### Background

CA No. 466/C-III/ND/2018 was filed on behalf of the Financial Creditor seeking withdrawal of the petition due to a settlement dated 2019-06-03 between the parties. The order grants liberty to revive the petition if the Corporate Debtor defaults on the terms of the settlement. Counsel for the Corporate Debtor represented that a settlement had been reached between the parties outside the Tribunal.

## Facts

HT Media Limited filed a petition against MG Housing (P) Ltd. under Section 7 of the IBC, 2016. Subsequently, CA No. 466/C-III/ND/2018 was filed by the Financial Creditor seeking withdrawal of the petition based on a settlement reached on 2019-06-03. The settlement was reached outside the Tribunal. The Corporate Debtor's counsel represented that a settlement had been arrived at between the parties. The court considered these representations and dismissed the main petition (IB No.278/ND/2019) as withdrawn, granting the Financial Creditor the liberty to file a fresh petition if the Corporate Debtor defaults on the terms of the settlement. This liberty is crucial as it protects the creditor's interests in case the settlement is not honored.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as …

**Ratio:** A petition can be dismissed as withdrawn when the parties have reached a settlement,

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**Reasoning:** The court reasoned that since a settlement had been reached between the parties outside

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**Interpretation:** This interprets the legal principle that courts generally respect and

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**Application:** In this case, the court applied this principle by dismissing the petition as

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## Parties

- **Judges:** R. VARADH…
- **Appellants:** HT Media L…
- **Respondents:** MG Housing…

## Timeline

- **2019-06-03 — Settlemen…**: Settlement reached…
- **2019-07-22 — Order Del…**: Order delivered dismissing…

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