# In the matter of Vinay Vishal Health Care Pvt. Ltd. IA No. 196-2021 in CP No. (IB) 471-ALD-2019

> NCLT judgment dated 2021-07-09. Citation: TCN-2021-NCLT-01801. An application was filed by the applicant to withdraw the present petition due to a settlement…

- **Court:** NCLT
- **Order date:** 9 Jul 2021
- **Citation:** TCN-2021-NCLT-01801
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vinay-vishal-health-care-pvt-ltd-ia-no-196-2021-in-cp-no-ib-471-ald-2019-f432ed01

## Summary

### Background

An application was filed by the applicant to withdraw the present petition due to a settlement reached between the parties, with the entire amount paid pursuant to the settlement agreement. The matter was heard through video conferencing.

## Facts

An application was filed to withdraw a petition based on a settlement reached between the parties. The applicant contended that the entire amount had been paid according to the settlement agreement. The respondent's counsel confirmed the settlement. The court found no reason to keep the proceedings pending and dismissed the petition as withdrawn. This indicates that the parties resolved their dispute outside of court, leading to the withdrawal of the insolvency petition. The key fact is the settlement agreement and the payment of the entire amount, which prompted the withdrawal application.

## Issues and analysis

### Issue 1: Whether the application to withdraw the present petition should be allowed in view of the …

**Ratio:** A petition can be withdrawn if a settlement has been reached between the parties and the

…

**Reasoning:** The court reasoned that since a settlement had been reached and the respondent's counsel

…

**Interpretation:** This case interprets the principle that parties are free to settle their

…

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

…

## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Salil Sha…
- **Respondents:** M/S Vinay Vishal…

## Timeline

- **2021-07-09 — Hearing…**: Hearing of the Allahabad Bench of the National Company Law Tribunal through video…
- **2021-07-09 — Order Da…**: The present petition is…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/vinay-vishal-health-care-pvt-ltd-ia-no-196-2021-in-cp-no-ib-471-ald-2019-f432ed01