# In the matter of Plus Corporate Ventures Pvt. Ltd. IA No. 4735-ND-2021 in (IB)-694-ND-2020

> NCLT judgment dated 2021-10-22. Citation: TCN-2021-NCLT-00715. The case involves an application filed by the Interim Resolution Professional (IRP) under IA…

- **Court:** NCLT
- **Order date:** 22 Oct 2021
- **Citation:** TCN-2021-NCLT-00715
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/plus-corporate-ventures-pvt-ltd-ia-no-4735-nd-2021-in-ib-694-nd-2020-88a3c5bb

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under IA No. 4735/ND/2021. A settlement agreement was reached between the parties involved.

## Facts

An application was filed by the IRP. A settlement agreement was reached between M/s Finex Consultancy Services and M/s Plus Corporate Ventures Pvt. Ltd. The parties wished to withdraw the petition based on the settlement. The court acknowledged the settlement agreement and allowed the withdrawal of IA 4735/ND/2021, effectively ending the CIRP process.

## Issues and analysis

### Issue 1: Whether the court should allow the withdrawal of the application (IA No. 4735/ND/2021) based on the …

**Ratio:** A court may allow the withdrawal of an application if the parties have reached a

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**Reasoning:** The court reasoned that since a settlement agreement was reached between the parties and

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**Interpretation:** This interpretation allows for the efficient resolution of disputes through

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**Application:** The court applied this principle by allowing the withdrawal of IA 4735/ND/2021,

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** M/s Finex…
- **Respondents:** M/s Plus Corporate…

## Timeline

- **N/A — Application…**: Application filed by…
- **2021-10-22 — Order Del…**: Order delivered on 22.10.2021, allowing the withdrawal of IA 4735/ND/2021 and ending the…

## 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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