# In the matter of Ramprastha Promoters and Developers
Pvt. Ltd. CP (IB) No.233-Chd-Hry-2018

> NCLT judgment dated 2020-10-29. Citation: TCN-2020-NCLT-00322. The case pertains to CP (IB) No.233/Chd/Hry/2018 under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 29 Oct 2020
- **Citation:** TCN-2020-NCLT-00322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ramprastha-promoters-and-developers-pvt-ltd-cp-ib-no233-chd-hry-2018-dd9107ce

## Summary

### Background

The case pertains to CP (IB) No.233/Chd/Hry/2018 under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Touchstone Holdings Pvt. Ltd., the Petitioner-Financial Creditor, filed a case against Ramprastha Promoters & Developers Pvt. Ltd., the Respondent-Corporate Debtor. The case was heard through video conferencing.

## Facts

Touchstone Holdings Pvt. Ltd. filed a Corporate Insolvency Resolution Process (CIRP) application against Ramprastha Promoters & Developers Pvt. Ltd. under Section 7 of the IBC, 2016. The case was listed under priority category. During the hearing, the petitioner's counsel submitted that the matter had been settled between the parties. The respondent's counsel confirmed the settlement. Consequently, the court dismissed the CIRP application as withdrawn. The key fact is the settlement between the parties, which led to the dismissal of the case.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) application can be dismissed as …

**Ratio:** A CIRP application can be dismissed as withdrawn if the parties involved reach a

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**Reasoning:** The court accepted the submissions of both counsels, representing the petitioner and the

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**Interpretation:** This reflects the court's willingness to acknowledge and respect settlements

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**Application:** In this specific case, the court applied the principle by dismissing the CIRP

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## Parties

- **Judges:** RAGHU N…; Ajay Kumar…; +1 more
- **Appellants:** Touchstone…
- **Respondents:** Ramprastha…
- **Advocates:** Ashish Ag…; Anand Chh…

## Timeline

- **2018-01-01 — Case Fil…**: CP (IB) No.233/Chd/Hry/2018 filed…
- **2020-10-29 — Order Da…**: The CP is dismissed as withdrawn due…

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