# In the matter of Vardhman Estates and Developers Pvt. Ltd. (IB)-211(PB)-2018

> NCLT judgment dated 2019-07-02. Citation: TCN-2019-NCLT-02710. The case involves Harsh Kapoor & Anr. as the Petitioners/Applicant and Vardhman Estates and…

- **Court:** NCLT
- **Order date:** 2 Jul 2019
- **Citation:** TCN-2019-NCLT-02710
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vardhman-estates-and-developers-pvt-ltd-ib-211pb-2018-70ee703e

## Summary

### Background

The case involves Harsh Kapoor & Anr. as the Petitioners/Applicant and Vardhman Estates and Developers Pvt. Ltd. as the Respondents. The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Harsh Kapoor & Anr. filed an application against Vardhman Estates and Developers Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant's counsel requested withdrawal of the application, stating that the parties had reached a settlement. The court then disposed of the case.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the instant application should be allowed based on the …

**Ratio:** The legal principle applied is that if parties reach a settlement, the applicant is

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**Reasoning:** The court reasoned that since the counsel for the applicant stated that the parties had

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**Interpretation:** This interprets the right of a party to withdraw an application when a

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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:** M. M. K…; DEEPTI M…
- **Appellants:** Harsh Kapoor &…
- **Respondents:** Vardhman Estates…
- **Advocates:** Akshay Sriv…; Varun T…

## Timeline

- **2019-07-02 — Order Del…**: Order delivered on 02.07.2019…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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