# In the matter of Vikram Structures Private Limited C.P(IB) No. 246-BB-2019

> NCLT judgment dated 2019-11-29. Citation: TCN-2019-NCLT-00387. C.P. (IB) No.246/BB/2019 was filed by India Asset Growth Fund & Anr. ('Petitioners/Financial…

- **Court:** NCLT
- **Order date:** 29 Nov 2019
- **Citation:** TCN-2019-NCLT-00387
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vikram-structures-private-limited-cpib-no-246-bb-2019-c1683ec8

## Summary

### Background

C.P. (IB) No.246/BB/2019 was filed by India Asset Growth Fund & Anr. ('Petitioners/Financial Creditors') under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Vikram Structures Private Limited (‘Respondent/Corporate Debtor’) due to a default of Rs.31,81,30,887/- as of 31.12.2016. The case was listed for admission on multiple dates, and adjourned at the request of the parties, including for settlement discussions.

## Facts

India Asset Growth Fund & Anr. filed C.P. (IB) No.246/BB/2019 under Section 7 of the IBC, 2016, against Vikram Structures Private Limited, seeking to initiate CIRP due to a default of Rs.31,81,30,887/- as of 31.12.2016. The case was listed for admission on multiple dates and adjourned at the request of the parties, including for settlement discussions. The parties reached a settlement for Rs.20,00,00,000 along with applicable interest, as per a repayment schedule outlined in a Joint Memo dated 27.11.2019. The settlement included interest payments at 19% p.a., payable monthly from December 1st, 2019. The Joint Memo also stipulated consequences for default, including the termination of the settlement and the reinstatement of the original debt as per the Debenture

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should permit the withdrawal of the Company Petition based on …

**Ratio:** The Adjudicating Authority has the discretion to permit the withdrawal of a Company

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**Reasoning:** The Adjudicating Authority noted that the parties had settled the issue and were inclined

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**Interpretation:** This interpretation acknowledges the Adjudicating Authority's power to allow

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**Application:** In this case, the Adjudicating Authority applied this principle by permitting

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. India Asset…
- **Respondents:** M/s. Vikram…

## Timeline

- **2019-11-29 — Date of…**: Final order was passed…
- **2019-07-17 — Case Listed for…**: The case was listed for…

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