# In the matter of Today Hotels (New Delhi) Pvt.  Ltd. (IB)-1334(PB)-2019

> NCLT judgment dated 2019-07-08. Citation: TCN-2019-NCLT-02635. The application was filed by the applicant seeking permission to withdraw the application filed…

- **Court:** NCLT
- **Order date:** 8 Jul 2019
- **Citation:** TCN-2019-NCLT-02635
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/today-hotels-new-delhi-pvt-ltd-ib-1334pb-2019-96b5080d

## Summary

### Background

The application was filed by the applicant seeking permission to withdraw the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The reason for seeking withdrawal is the settlement talks between the parties at the time of filing the present application. The application indicates that the parties have entered into settlement talks and the matter is likely to be settled.

## Facts

Pallash Portfolios Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Today Hotels (New Delhi) Pvt. Ltd. Subsequently, Pallash Portfolios Pvt. Ltd. sought to withdraw the application due to settlement talks between the parties. The application indicated that the parties had entered into settlement talks and the matter was likely to be settled. The court considered this application for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the application filed under Section 7 of the Insolvency …

**Ratio:** An application for withdrawal can be allowed if the parties have entered into settlement

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**Reasoning:** The court reasoned that since the parties have entered into settlement talks and the

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**Interpretation:** The interpretation is that if parties involved in an insolvency proceeding are

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**Application:** In this case, the applicant sought to withdraw the application under Section 7

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## Parties

- **Judges:** DEEPTI M…; S. K. MOH…
- **Appellants:** Pallash Portfolios…
- **Respondents:** Today Hotels (New…

## Timeline

- **N/A — Application for…**: The applicant filed an application seeking permission to withdraw the application filed…
- **2019-07-08 — Order Del…**: The court allowed the application for withdrawal and dismissed CP No. (IB)-1334(PB)/2019…

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