# In the matter of Shah Group Builders & Infraprojects Ltd. CP(IB)-529(MB)-2018

> NCLT judgment dated 2018-12-17. Citation: TCN-2018-NCLT-00070. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 17 Dec 2018
- **Citation:** TCN-2018-NCLT-00070
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shah-group-builders-infraprojects-ltd-cpib-529mb-2018-02888a85

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner sought to withdraw the petition based on a Memorandum of Settlement.

## Facts

Inter Globe Finance Ltd. filed a petition against Shah Group Builders & Infraprojects Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. A Memorandum of Settlement was reached between the parties. The petitioner's counsel sought permission to withdraw the petition. The court noted that the matter was amicably settled. The court then disposed of the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition can be withdrawn if the parties have reached an amicable settlement and the

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**Reasoning:** The court accepted the Memorandum of Settlement and the petitioner's request for

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**Interpretation:** This indicates that the court recognizes the right of parties to settle

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**Application:** In this case, the existence of a Memorandum of Settlement, coupled with the

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Inter Globe…
- **Respondents:** Shah Group…

## Timeline

- **2018-12-17 — Hearing…**: Hearing of the Mumbai Bench of the…
- **2018-12-17 — Order Da…**: Petition disposed of as…

## 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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