# 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-04701. 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-04701
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vandag-developers-and-infrastructure-pvt-ltd-cp-no-ib-402-ald-2018-d31ab9b6

## 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 the Corporate Insolvency Resolution Process (CIRP). Subsequently, the petitioner filed a memo seeking permission to withdraw the application. The respondent's counsel confirmed receiving notice of the memo. The court noted that the petition was at the admission stage and that the matter had been settled between the parties. This settlement is the key fact that led to the permission for withdrawal.

## 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 a CIRP 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:** The interpretation is that the NCLT has the discretion to allow withdrawal of a

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**Application:** In this specific case, the court applied the ratio and reasoning by allowing

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## Parties

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

## Timeline

- **2016-01-01 — Insolvency and…**: Insolvency and Bankruptcy (Application…
- **2019-02-25 — Order Da…**: Date of the order sheet indicating the…

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