# In the matter of RS Seven Lifestyle (P) Ltd. IB-47-ND-2019

> NCLT judgment dated 2019-07-23. Citation: TCN-2019-NCLT-02360. The petition filed by Expert Enterprises against RS Seven Lifestyle (P) Ltd was kept pending…

- **Court:** NCLT
- **Order date:** 23 Jul 2019
- **Citation:** TCN-2019-NCLT-02360
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rs-seven-lifestyle-p-ltd-ib-47-nd-2019-e1cc47eb

## Summary

### Background

The petition filed by Expert Enterprises against RS Seven Lifestyle (P) Ltd was kept pending due to a settlement agreement dated 2019-04-15. A substantial amount towards payment in relation to the claim made before the Tribunal in the main Company petition had been paid. However, a balance amount remained to be paid by the Corporate Debtor within the time schedule of the settlement.

## Facts

Expert Enterprises filed a petition against RS Seven Lifestyle (P) Ltd. A settlement agreement was reached on 2019-04-15, leading to the petition being kept pending. A substantial payment was made towards the claim, but a balance amount remained unpaid by the Corporate Debtor, RS Seven Lifestyle (P) Ltd, within the agreed settlement schedule. The petitioner, Expert Enterprises, sought to withdraw the petition with the liberty to issue notice under Section 8 of the IBC, 2016, for the unpaid balance. The Tribunal allowed the withdrawal, dismissing the petition.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to withdraw the petition given the settlement agreement …

**Ratio:** A party is generally allowed to withdraw a petition if circumstances warrant, especially

…

**Reasoning:** The court reasoned that allowing the withdrawal would enable the petitioner to pursue

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**Interpretation:** The interpretation is that the court has the discretion to allow withdrawal of

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**Application:** The court applied this principle by allowing Expert Enterprises to withdraw its

…

## Parties

- **Judges:** Sh.R. Varad…
- **Appellants:** Expert Ente…
- **Respondents:** RS Seven Lifestyle…

## Timeline

- **2019-04-15 — Settlement Ag…**: A settlement agreement was dated 2019-04-15 between Expert Enterprises and RS Seven…
- **2019-07-23 — Order Del…**: The Tribunal delivered an order allowing…

## 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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