# In the matter of Samiah International Builders Ltd.

> NCLT judgment dated 2021-08-10. Citation: TCN-2021-NCLT-01382. The case involves an application (I.A-3410/2021) filed in relation to Company Petition No.…

- **Court:** NCLT
- **Order date:** 10 Aug 2021
- **Citation:** TCN-2021-NCLT-01382
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/samiah-international-builders-ltd-8181a802

## Summary

### Background

The case involves an application (I.A-3410/2021) filed in relation to Company Petition No. 318/2020. The Applicant/IRP sought permission to withdraw the Company Petition based on a settlement arrived at between the parties, evidenced by Form-FA submitted by the Operational Creditor on August 4, 2021. The IRP's counsel stated that CIRP was initiated on July 23, 2021, but the Committee of Creditors (CoC) had not yet been constituted.

## Facts

Mr. Danish Irfan, the Applicant/Petitioner, filed a Company Petition (No. 318/2020) against M/s Samiah International Builders Ltd., the Respondent, under Section 9 of the IBC Code, 2016. Subsequently, a settlement was reached between the parties, and the Operational Creditor submitted Form-FA on August 4, 2021. The Applicant/IRP then filed I.A-3410/2021 seeking permission to withdraw the Company Petition. The CIRP had been initiated on July 23, 2021, but the CoC had not yet been constituted. The IRP had received the Form-FA and a Demand Draft to reimburse expenses. The key fact is the settlement between the parties, leading to the withdrawal request.

## Issues and analysis

### Issue 1: Whether the Applicant/IRP should be granted permission to withdraw Company Petition No. 318/2020, …

**Ratio:** The legal principle applied is that if parties reach a settlement and the Operational

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**Reasoning:** The court reasoned that the settlement between the parties, evidenced by Form-FA, and the

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**Interpretation:** The interpretation is that the court prioritizes settlements between parties in

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; Shri. L. N.…
- **Appellants:** Danish…
- **Respondents:** M/s Samiah…

## Timeline

- **2021-07-23 — CIRP Init…**: Corporate Insolvency Resolution…
- **2021-08-04 — Form-FA Sub…**: Operational Creditor submitted…

## 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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