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

> NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-02508. The applicant filed an application under Rule 11 of NCLT seeking withdrawal of the main Company…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-02508
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aspg-infrastructure-pvt-ltd-ib-795-nd-2020-3b76e2fc

## Summary

### Background

The applicant filed an application under Rule 11 of NCLT seeking withdrawal of the main Company Petition (CP IB No. 795/ND/2020) due to an amicable settlement with the Corporate Debtor.

## Facts

This application, IA/2549/2022, was filed by the Applicant under Rule 11 of the NCLT Rules. The purpose of the application was to seek the withdrawal of the main Company Petition, CP IB No. 795/ND/2020. This withdrawal was requested due to a settlement reached between the Petitioner and the Corporate Debtor, and an affidavit in support of this settlement was also submitted. The application was heard during a virtual hearing on June 1, 2022. The Proxy Counsel for the Applicant made submissions to the Tribunal. It was stated in paragraph 6 of the application that the entire outstanding amount due to the Applicant had been paid by the Corporate Debtor. Consequently, the matter had been settled amicably between the parties. The application for withdrawal was allowed by the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition should be allowed based on an …

**Ratio:** An application for withdrawal of a company petition can be allowed if there is an

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**Reasoning:** The applicant submitted that the entire outstanding amount had been paid by the corporate

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**Interpretation:** Rule 11 of NCLT and Rule 8 of IB (Application to Adjudicating Authority) Rules

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**Application:** Given the full payment and amicable settlement, the application for withdrawal

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** Gayatri S…
- **Respondents:** ASPG Infrastructur…; M/s. ASPG…
- **Advocates:** For the Applicant:…; Nikhil Kum…; +1 more

## Timeline

- **June 1, 2022 — Order Del…**: The order was delivered by the NCLT,…

## 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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