# In the matter of True Value Home (India) Pvt. Ltd. IBA-862-2020

> NCLT judgment dated 2021-07-20. Citation: TCN-2021-NCLT-01677. The case pertains to an application under Section 7 Rule 4 of the IBC, 2016. The parties…

- **Court:** NCLT
- **Order date:** 20 Jul 2021
- **Citation:** TCN-2021-NCLT-01677
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/true-value-home-india-pvt-ltd-iba-862-2020-1b2a74b1

## Summary

### Background

The case pertains to an application under Section 7 Rule 4 of the IBC, 2016. The parties involved entered into a Settlement Agreement dated 05.09.2020. A withdrawal memo was filed in the Registry on 14.07.2021.

## Facts

ICICI Home Finance Company Ltd filed an application (IBA/862/2020) against True Value Homes (India) Pvt Ltd under Section 7 Rule 4 of the IBC, 2016. The parties subsequently entered into a Settlement Agreement dated 05.09.2020. A withdrawal memo was filed in the Registry on 14.07.2021. The Applicant's counsel sought permission to withdraw the application. The court dismissed the application as withdrawn. The presence of Ld. Counsel Mr. V. Suresh for the Applicant is noted.

## Issues and analysis

### Issue 1: Whether the application IBA/862/2020 should be dismissed as withdrawn, given the settlement …

**Ratio:** When parties to a legal proceeding reach a settlement and the applicant seeks to withdraw

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**Reasoning:** The court reasoned that since the parties had entered into a settlement agreement and the

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**Interpretation:** This legal principle allows for the efficient resolution of disputes when

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**Application:** In this case, the court applied the principle by dismissing the IBA/862/2020

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** ICICI Home…
- **Respondents:** True Value Homes…

## Timeline

- **2020-09-05 — Settlement Ag…**: The parties entered into…
- **2021-07-14 — Withdrawal Me…**: A withdrawal memo was…

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