# In the matter of Rajesh Projects (India) Pvt. Ltd. (IB)-1473(PB)-2018

> NCLT judgment dated 2019-02-12. Citation: TCN-2019-NCLT-04896. The case involves Neelanchal Holdings Pvt. Ltd. as the applicant/petitioner and Rajesh Projects…

- **Court:** NCLT
- **Order date:** 12 Feb 2019
- **Citation:** TCN-2019-NCLT-04896
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rajesh-projects-india-pvt-ltd-ib-1473pb-2018-68ee8f77

## Summary

### Background

The case involves Neelanchal Holdings Pvt. Ltd. as the applicant/petitioner and Rajesh Projects (India) Pvt. Ltd. as the respondent. A Deed of Settlement cum MOU dated 09.02.2019 was placed on record, duly signed by both parties. The petitioner requested withdrawal of the petition under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

## Facts

Neelanchal Holdings Pvt. Ltd. initiated insolvency proceedings against Rajesh Projects (India) Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code. A Deed of Settlement cum MOU dated 09.02.2019 was executed between the parties and placed on record. Mr. Rakesh Kumar, representing the petitioner, requested the withdrawal of the petition under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The relevance of the settlement is that it formed the basis for the petitioner's request to withdraw the insolvency petition, leading to the court's decision to dismiss the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as withdrawn based on the settlement between the parties …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement and the petitioner

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**Reasoning:** The court reasoned that since a Deed of Settlement cum MOU was placed on record, duly

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**Interpretation:** This legal issue involves interpreting the provisions of the Insolvency and

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**Application:** In this specific case, the ratio and reasoning were applied to the facts that a

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## Parties

- **Judges:** M. M. K…; DEEPTI M…
- **Appellants:** Neelanchal…
- **Respondents:** Rajesh Projects…

## Timeline

- **2019-02-09 — Deed of Settlement cum…**: A Deed of Settlement cum MOU was dated…
- **2019-02-12 — 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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