# In the matter of Parasvnath Limited (IB)-3327(ND)2019

> NCLT judgment dated 2021-08-31. Citation: TCN-2021-NCLT-01244. Ganesham Trexim Pvt. Ltd. filed a Company Petition No. 3327(ND)2019 against M/s. Parasvnath…

- **Court:** NCLT
- **Order date:** 31 Aug 2021
- **Citation:** TCN-2021-NCLT-01244
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parasvnath-limited-ib-3327nd2019-e03a0172

## Summary

### Background

Ganesham Trexim Pvt. Ltd. filed a Company Petition No. 3327(ND)2019 against M/s. Parasvnath Limited under Section 7 of the IBC, 2016. The Financial Creditor and the Corporate Debtor jointly filed an application for withdrawal of the petition based on a settlement between the parties.

## Facts

Ganesham Trexim Pvt. Ltd. (Applicant/Petitioner) initiated a corporate insolvency resolution process against M/s. Parasvnath Limited (Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. A joint application, duly signed by both parties, was filed on August 28, 2021, seeking the withdrawal of Company Petition No. 3327(ND)2019, indicating a settlement between the parties. The Demand Draft was handed over to the Corporate Debtors, and the Corporate Debtor made the entire payment to the Financial Creditor. The matter was settled between the parties, and the financial debt was paid by the Corporate Debtor to the Financial Creditor.

## Issues and analysis

### Issue 1: Whether the Company Petition No. IB-3327(ND)2019 should be dismissed as withdrawn based on the …

**Ratio:** A petition can be withdrawn if the matter has been settled between the parties, the

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**Reasoning:** The court reasoned that since the matter had been settled, the financial debt had been

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**Interpretation:** This interpretation allows for the withdrawal of insolvency petitions when a

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**Application:** In this case, the court applied the ratio by considering the settlement between

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; L. N. G…
- **Appellants:** Ganesham Trexim…
- **Respondents:** M/s. Parasvnath…

## Timeline

- **2021-08-28 — Joint Applicat…**: A joint application, duly signed by both parties, was filed for the withdrawal of Company…
- **2021-08-31 — Order Del…**: The order was delivered…

## 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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