# In the matter of Nisar Properties Pvt. Ltd. T.C.P. No. 923-(MAH)-2017

> NCLT judgment dated 2017-09-29. Citation: TCN-2017-NCLT-00339. The case involves a Transfer Company Petition No. 923 of 2017 before the National Company Law…

- **Court:** NCLT
- **Order date:** 29 Sept 2017
- **Citation:** TCN-2017-NCLT-00339
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nisar-properties-pvt-ltd-tcp-no-923-mah-2017-1c6b86c1

## Summary

### Background

The case involves a Transfer Company Petition No. 923 of 2017 before the National Company Law Tribunal (NCLT), Mumbai Bench, between V.H. Enterprises (Petitioner) and Nissar Properties Pvt Ltd (Respondent). The Petitioner filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against the Respondent. The parties decided to amicably settle their dispute by filing Consent Terms.

## Facts

V.H. Enterprises filed Transfer Company Petition No. 923 of 2017 against Nissar Properties Pvt Ltd before the NCLT Mumbai Bench. The Petitioner had initiated the company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, both parties negotiated and decided to settle the dispute amicably by filing Consent Terms. As part of the Consent Terms, Nissar Properties Pvt Ltd agreed to pay V.H. Enterprises Rs. 24,00,000/- in installments. The first installment was secured by a pay order and a post-dated cheque. V.H. Enterprises then filed an application for withdrawal of the petition based on the Consent Terms. The Consent Terms also included provisions for the return of post-dated cheques and the consequences of default in payment. The parties

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## Issues and analysis

### Issue 1: Whether the Transfer Company Petition No. 923 of 2017 should be dismissed as withdrawn based on the …

**Ratio:** A petition can be dismissed as withdrawn when the petitioner files a withdrawal memo and

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**Reasoning:** The court considered the withdrawal memo filed by the Petitioner's counsel and the

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**Interpretation:** The legal principle allows for the dismissal of a petition when the parties

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**Application:** In this case, the Petitioner, V.H. Enterprises, filed a withdrawal memo, and

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Appellants:** V.H.Enter…
- **Respondents:** Nissar Properties…

## Timeline

- **2017-09-27 — Board Reso…**: Board resolution passed by Nisar Properties Pvt. Ltd. authorizing Mr. Jenil Chetan Nisar…
- **2017-09-28 — Consent…**: Consent Terms dated 28th September 2017 were…

## 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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