# In the matter of Wave Mega City Centre Pvt. Ltd. (IB)-2429(PB)-2019

> NCLT judgment dated 2020-01-17. Citation: TCN-2020-NCLT-02295. The case pertains to a withdrawal request made on behalf of the petitioner, Anshul Gupta &…

- **Court:** NCLT
- **Order date:** 17 Jan 2020
- **Citation:** TCN-2020-NCLT-02295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/wave-mega-city-centre-pvt-ltd-ib-2429pb-2019-b8da871e

## Summary

### Background

The case pertains to a withdrawal request made on behalf of the petitioner, Anshul Gupta & anr., against the respondent, Wave Mega City Centre Pvt Ltd. The application was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter was before the National Company Law Tribunal (NCLT), New Delhi, Principal Bench.

## Facts

Anshul Gupta & anr. filed an application under Section 7 of the IBC, 2016, against Wave Mega City Centre Pvt Ltd. A settlement was reached between the parties. Consequently, a withdrawal request was made on behalf of the petitioner. The case was before the National Company Law Tribunal (NCLT), New Delhi, Principal Bench. The CP No. was 2429(PB)/2019. The order was delivered on 17.01.2020.

## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the IBC, 2016, can be dismissed as withdrawn based …

**Ratio:** When parties involved in an insolvency application reach a settlement, the court may

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**Reasoning:** The court reasoned that the settlement between the parties provides a valid basis for the

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**Interpretation:** This interpretation acknowledges the importance of facilitating settlements in

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**Application:** In this specific case, the court applied the ratio by accepting the withdrawal

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## Parties

- **Judges:** SH. B.S.V.…; SH. S.K MOH…
- **Appellants:** Anshul Gupta &…
- **Respondents:** Wave Mega City…

## Timeline

- **2020-01-17 — Order Del…**: Order delivered on 17.01.2020,…

## 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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