# In the matter of Vandag Developers and Infrastructure Pvt. Ltd. CP No. (IB) 402 -ALD-2018

> NCLT judgment dated 2019-02-25. Citation: TCN-2019-NCLT-04704. The case pertains to CP. No (IB) 402/ALD/2018 filed under the Insolvency and Bankruptcy Code.…

- **Court:** NCLT
- **Order date:** 25 Feb 2019
- **Citation:** TCN-2019-NCLT-04704
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vandag-developers-and-infrastructure-pvt-ltd-cp-no-ib-402-ald-2018-27872af7

## Summary

### Background

The case pertains to CP. No (IB) 402/ALD/2018 filed under the Insolvency and Bankruptcy Code. The petitioner sought to withdraw the Corporate Insolvency Resolution Process (CIRP) application. The matter was listed before the Allahabad Bench of the National Company Law Tribunal (NCLT).

## Facts

The petitioner filed CP. No (IB) 402/ALD/2018 under the Insolvency and Bankruptcy Code seeking initiation of CIRP. The petitioner then filed a memo seeking permission to withdraw the application. The respondent's counsel confirmed receipt of the notice regarding the withdrawal. The court noted that the matter was settled between the parties and the petition was at the admission stage. The applicant was then permitted to withdraw the application, and the case was disposed of as withdrawn. This indicates that the parties reached a settlement, leading the applicant to withdraw the insolvency petition. The fact that the petition was at the admission stage suggests that the CIRP had not yet been formally initiated.

## Issues and analysis

### Issue 1: Whether the applicant should be permitted to withdraw CP. No (IB) 402/ALD/2018 given the settlement …

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

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**Reasoning:** The court reasoned that since the matter was settled between the parties and the petition

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**Interpretation:** This interpretation suggests that the NCLT prioritizes settlements between

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Saroj Ra…; BIKKI RAVEENDRA…
- **Appellants:** Abhinav…
- **Respondents:** Sai GR Impex Pvt.…; Pradeep Singh…

## Timeline

- **2019-02-25 — Hearing…**: Hearing of Allahabad Bench of the…
- **2018-01-01 — CP Filed…**: Petitioner filed CP. No (IB) 402/ALD/2018 under Rule 8 of Insolvency and Bankruptcy Rules…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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