# 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-01541. The case involves an application for withdrawal of an insolvency application (IB-128/ND/2020)…

- **Court:** NCLT
- **Order date:** 30 Jul 2021
- **Citation:** TCN-2021-NCLT-01541
- **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-2020-618bbdb1

## Summary

### Background

The case involves an application for withdrawal of an insolvency application (IB-128/ND/2020) filed by Garg Financial Management Consultants Pvt. Ltd. against Vision Plus Security Control Pvt. Ltd. The matter was listed before the National Company Law Tribunal (NCLT), New Delhi.

## Facts

Garg Financial Management Consultants Pvt. Ltd. filed an insolvency application (IB-128/ND/2020) against Vision Plus Security Control Pvt. Ltd. The applicant, Garg Financial Management Consultants Pvt. Ltd., subsequently sought to withdraw the application. The applicant's counsel stated that the parties had reached an amicable settlement, and payment had been received as per the settlement. The application for withdrawal was filed under Section 16(5). The court considered the submission and allowed the withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency application IB-128/ND/2020 should be …

**Ratio:** An insolvency application can be withdrawn if the parties have reached an amicable

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**Reasoning:** The court considered the submission of the learned counsel for the applicant, who stated

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**Interpretation:** Section 16(5) allows for the withdrawal of an insolvency application under

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**Application:** In this case, the parties reached an amicable settlement, and the applicant

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## Parties

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

## Timeline

- **2020-01-01 — Insolvency Application…**: Garg Financial Management Consultants Pvt. Ltd. filed insolvency application…
- **2021-07-30 — Order Del…**: The NCLT allowed the withdrawal of the insolvency application IB-128/ND/2020 based on the…

## 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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