# In the matter of Vindhya Vasini Buildcon Pvt. Ltd. CP(IB)-4657(MB)-2019

> NCLT judgment dated 2021-02-16. Citation: TCN-2021-NCLT-03031. The case pertains to an insolvency petition filed under the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 16 Feb 2021
- **Citation:** TCN-2021-NCLT-03031
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vindhya-vasini-buildcon-pvt-ltd-cpib-4657mb-2019-aca38810

## Summary

### Background

The case pertains to an insolvency petition filed under the Insolvency and Bankruptcy Code, 2016. The petitioner sought withdrawal of the petition based on a One Time Settlement approved by the Bank.

## Facts

The State Bank of India filed an insolvency petition against Vindhya Vasini Buildcon Pvt Ltd. During the proceedings, a One Time Settlement was approved by the Bank. Consequently, the counsel for the petitioner, State Bank of India, requested the court to allow the withdrawal of the insolvency petition. The court, acknowledging the petitioner's request, dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the insolvency petition can be dismissed as withdrawn based on the petitioner's request …

**Ratio:** The legal principle applied is that a petitioner can withdraw an insolvency petition if a

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**Reasoning:** The court reasoned that since the One Time Settlement was approved by the Bank, and the

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**Interpretation:** This interpretation allows for the resolution of insolvency matters outside of

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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:** Chandra Bha…; SUCHITRAKAN…
- **Appellants:** State Bank of…
- **Respondents:** Vindhya Vasini…

## Timeline

- **2021-02-16 — Hearing…**: Order sheet of the…

## 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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