# In the matter of Blue Coast Infrastructure Development Pvt. Ltd. CP(IB) No.237-Chd-HP-2020

> NCLT judgment dated 2022-07-14. Citation: TCN-2022-NCLT-01728. The case pertains to CP(IB) No.237/Chd/HP/2020 filed under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 14 Jul 2022
- **Citation:** TCN-2022-NCLT-01728
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/blue-coast-infrastructure-development-pvt-ltd-cpib-no237-chd-hp-2020-7414c703

## Summary

### Background

The case pertains to CP(IB) No.237/Chd/HP/2020 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner sought to withdraw the petition based on a settlement agreement dated May 2021.

## Facts

Raghvendra Nath and Another filed a petition against Blue Coast Infrastructure Development Pvt. Ltd. under Section 7 of the IBC, 2016. The petitioners, represented by Mr. Syed Aqib Ali, sought to withdraw the petition based on a settlement agreement dated May 2021. Mr. Abhishek Chhabra appeared as the advocate for the respondent. The learned counsel for the petitioner stated that on instructions and as per the Settlement Agreement dated May, 2021, he seeks leave of this Tribunal to withdraw the present petition. The court considered the statement made by the petitioner's counsel and the settlement agreement as the basis for allowing the withdrawal.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted leave to withdraw the insolvency petition based on the …

**Ratio:** A party can withdraw a petition if they have reached a settlement and seek leave of the

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**Reasoning:** The court considered the statement made by the learned counsel for the petitioner, who

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**Interpretation:** The interpretation is that a settlement agreement can form the basis for

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**Application:** In this case, the petitioner's counsel stated the existence of a settlement

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Raghvendr…
- **Respondents:** Blue Coast…

## Timeline

- **2021-05-01 — Settlement Ag…**: Settlement Agreement dated May 2021…
- **2020-01-01 — Filing of CP(IB)…**: CP(IB) No.237/Chd/HP/2020 was…

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