# In the matter of ASPG Infrastructure Pvt. Ltd. IB-795-ND-2020

> NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-02498. The case involves an application under Rule 11 of NCLT for the withdrawal of a Company Petition…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-02498
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aspg-infrastructure-pvt-ltd-ib-795-nd-2020-0c71c2d4

## Summary

### Background

The case involves an application under Rule 11 of NCLT for the withdrawal of a Company Petition (CP IB No. 795/ND/2020) filed by Gayatri Steels against ASPG Infrastructure Pvt. Ltd. The withdrawal is based on a settlement reached between the Petitioner (Gayatri Steels) and the Corporate Debtor (ASPG Infrastructure Pvt. Ltd.).

## Facts

Gayatri Steels filed a Company Petition (CP IB No. 795/ND/2020) against ASPG Infrastructure Pvt. Ltd. under Section 9 of the IBC Code, 2016. Subsequently, a settlement was reached between Gayatri Steels (the Petitioner) and ASPG Infrastructure Pvt. Ltd. (the Corporate Debtor). As part of the settlement, ASPG Infrastructure Pvt. Ltd. paid the entire outstanding amount due to Gayatri Steels. Consequently, Gayatri Steels filed an application under Rule 11 of NCLT to withdraw the Company Petition. The Proxy Counsel for the Applicant submitted that the matter had been amicably settled. The court considered this submission and the settlement agreement.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition (CP IB No. 795/ND/2020) should be …

**Ratio:** The legal principle applied is that if a settlement is reached between the parties and

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**Reasoning:** The court reasoned that the entire outstanding amount due to the Applicant (Gayatri

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**Interpretation:** This interpretation aligns with the provisions of the IBC and the rules framed

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**Application:** In this specific case, the ratio and reasoning are applied to the facts where

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## Parties

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

## Timeline

- **2020-01-01 — Company Petiti…**: Gayatri Steels filed Company Petition CP IB No. 795/ND/2020 against ASPG Infrastructure…
- **2022-06-01 — Order Del…**: Order delivered allowing the withdrawal of…

## 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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