# In the matter of TGB Realcon Pvt. Ltd. (IB)-1167(PB)-2018

> NCLT judgment dated 2019-02-04. Citation: TCN-2019-NCLT-05034. The case pertains to an application/petition filed under Section 7 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 4 Feb 2019
- **Citation:** TCN-2019-NCLT-05034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tgb-realcon-pvt-ltd-ib-1167pb-2018-c9fad363

## Summary

### Background

The case pertains to an application/petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016. The applicant is Viswanatha Balasubramaniam and the respondent is TGB Realcon Pvt. Ltd. The order was delivered on February 4, 2019.

## Facts

Viswanatha Balasubramaniam filed an application/petition against TGB Realcon Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, the petitioner's counsel informed the court that an amicable settlement had been reached between the parties. Based on this statement, the court ordered the dismissal of the petition as withdrawn. The key fact is the amicable settlement, which led to the withdrawal and dismissal of the case.

## Issues and analysis

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

**Ratio:** When parties to a legal proceeding reach an amicable settlement, the court may allow the

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**Reasoning:** The court's reasoning is based on the statement made by the petitioner's counsel that an

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**Interpretation:** The interpretation is that the court acknowledges the autonomy of the parties

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**Application:** In this specific case, the ratio and reasoning are applied to the fact that the

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## Parties

- **Judges:** M. M. K…; Pradeep R.…
- **Appellants:** Viswanatha…
- **Respondents:** TGB Realcon Pvt.…

## Timeline

- **2019-02-04 — Order Del…**: Order delivered dismissing the petition as…

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