# In the matter of URC Construction Pvt. Ltd. IBA-474-2019

> NCLT judgment dated 2019-04-29. Citation: TCN-2019-NCLT-03648. The case pertains to an application under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 29 Apr 2019
- **Citation:** TCN-2019-NCLT-03648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/urc-construction-pvt-ltd-iba-474-2019-c6e6686d

## Summary

### Background

The case pertains to an application under the Insolvency and Bankruptcy Code (IBC). The operational creditor filed a withdrawal memo, leading to the dismissal of the case.

## Facts

The key facts are that AGGCON ENTERPRISES INTERNATIONAL PVT LTD filed an application (IBA/474/2019) against URC CONSTRUCTION PVT LTD under Section 9 Rule 6 of the IBC. Subsequently, the operational creditor (AGGCON) filed a withdrawal memo, leading to the dismissal of the case. The relevance of the withdrawal is that it indicates a possible settlement or resolution between the parties outside of the formal insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the application IBA/474/2019 can be dismissed as withdrawn based on the withdrawal memo …

**Ratio:** The legal principle applied is that an applicant can withdraw their application, leading

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**Reasoning:** The court reasoned that since the operational creditor's counsel filed a withdrawal memo,

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**Interpretation:** This involves interpreting the procedural rules under the IBC that allow for

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**Application:** In this specific case, the operational creditor, AGGCON ENTERPRISES

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** AGGCON ENTERPRISES…
- **Respondents:** URC CONSTRUCTION…

## Timeline

- **2019-04-29 — Hearing…**: Hearing held at 10.30…
- **2019-04-29 — Order…**: Application IBA/474/2019 dismissed as withdrawn based on the withdrawal memo filed by the…

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