# In the matter of Vision Plus Security Control Pvt. Ltd. IA No.-3274-ND-2021 in IB-128-(ND)-2020

> NCLT judgment dated 2021-07-30. Citation: TCN-2021-NCLT-01539. The case involves an application filed for the withdrawal of IB-128/ND/2020. Initially, no one…

- **Court:** NCLT
- **Order date:** 30 Jul 2021
- **Citation:** TCN-2021-NCLT-01539
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vision-plus-security-control-pvt-ltd-ia-no-3274-nd-2021-in-ib-128-nd-2020-5baf5537

## Summary

### Background

The case involves an application filed for the withdrawal of IB-128/ND/2020. Initially, no one appeared for the applicant. Later, the Learned Counsel for the applicant appeared and stated that he could not appear earlier due to a technical issue. The Counsel stated that the parties have amicably settled the matter and, therefore, sought to withdraw the IB application under Section 16(5).

## Facts

Garg Financial Management Consultants Pvt. Ltd. filed an application (IB-128/ND/2020) against Vision Plus Security Control Pvt. Ltd. under Section 9 of the IBC. The applicant later sought to withdraw the application, stating that the parties had amicably settled the matter. The applicant's counsel, Mr. Vaibhav Tyagi, stated that the payment as per the settlement had been received, and he was instructed to apply for withdrawal. The court considered the submission and allowed the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of IB-128/ND/2020 should be allowed based on the settlement …

**Ratio:** When parties have amicably settled a matter and the applicant seeks to withdraw the

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**Reasoning:** The court considered the submission of the Learned Counsel, who stated that the parties

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**Interpretation:** This interpretation allows for the withdrawal of an insolvency application when

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**Application:** In this case, the applicant, Garg Financial Management Consultants Pvt. Ltd.,

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Garg Financial…
- **Respondents:** Vision Plus…

## Timeline

- **N/A — Application for…**: Application filed by the applicant…
- **2021-08-03 — Listing…**: None for the applicant.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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