# In the matter of Almond Infrabuild Pvt. Ltd. IB-2996-PB-2019

> NCLT judgment dated 2022-09-19. Citation: TCN-2022-NCLT-01021. The case involves an application filed under Rule 8 of IB (Application to Adjudicating…

- **Court:** NCLT
- **Order date:** 19 Sept 2022
- **Citation:** TCN-2022-NCLT-01021
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/almond-infrabuild-pvt-ltd-ib-2996-pb-2019-a711812d

## Summary

### Background

The case involves an application filed under Rule 8 of IB (Application to Adjudicating Authority) Rules, 2016, seeking withdrawal of a matter. The Financial Creditors and the Corporate Debtor have settled the matters before the Delhi High Court Mediation Centre. Two settlement agreements exist: one dated 2022-06-29 between Financial Creditor No. 1 (Niraj Jain) and the Corporate Debtor, and another dated 2022-07-28 between Financial Creditors No. 2 and 3 and the Corporate Debtor.

## Facts

Mr. Niraj Jain and others filed a petition against M/s. Almond Infrabuild Pvt. Ltd. under Section 7 of the IB Code, 2016. The Financial Creditors and the Corporate Debtor reached a settlement before the Delhi High Court Mediation Centre. Two settlement agreements were executed: one between Financial Creditor No. 1 (Niraj Jain) and the Corporate Debtor, dated 2022-06-29, and another between Financial Creditors No. 2 and 3 and the Corporate Debtor, dated 2022-07-28. The settlement agreements contain a clause stating that if the agreement becomes null and void due to actions/inactions of the second party (Corporate Debtor), the First Party (Niraj Jain) retains the right to revive the proceedings. The Applicants requested the opportunity to revive the petition if the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Section 7 Application bearing IB No. 2996/PB/2019 …

**Ratio:** Rule 8 of IB (Application to Adjudicating Authority) Rules, 2016, allows for the

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**Reasoning:** The court considered the settlement reached between the Financial Creditors and the

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**Interpretation:** Rule 8 of IB Rules provides a mechanism for parties to withdraw their

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**Application:** In this case, the Financial Creditors and the Corporate Debtor reached a

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** Niraj…
- **Respondents:** M/s. Almond…

## Timeline

- **2022-06-29 — Settlement Agreement…**: Settlement Agreement dated 2022-06-29 executed between Financial Creditor No. 1 (Niraj…
- **2022-07-28 — Settlement Agreement…**: Settlement Agreement dated 2022-07-28 executed between Financial Creditors No. 2 and 3…

## 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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