# In the matter of Blue Coast Infrastructure Development Pvt. Ltd. IA No. 84-2022 in CP (IB) No. 16-Chd-HP-2019

> NCLT judgment dated 2022-02-15. Citation: TCN-2022-NCLT-04119. The case involves an application (IA No. 84/2022) filed for the withdrawal of a Corporate…

- **Court:** NCLT
- **Order date:** 15 Feb 2022
- **Citation:** TCN-2022-NCLT-04119
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/blue-coast-infrastructure-development-pvt-ltd-ia-no-84-2022-in-cp-ib-no-16-chd-h-5a165c20

## Summary

### Background

The case involves an application (IA No. 84/2022) filed for the withdrawal of a Corporate Insolvency Resolution Process (CIRP) application (CP (IB) No. 16/Chd/HP/2019) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The basis for the withdrawal is a settlement agreement reached between the parties.

## Facts

Nirmaljit Sidhu & Another, the Petitioners-Financial Creditors, initiated a Corporate Insolvency Resolution Process (CIRP) against Blue Coast Infrastructure Development Pvt. Ltd., the Respondent-Corporate Debtor, by filing CP (IB) No. 16/Chd/HP/2019 under Section 7 of the Insolvency & Bankruptcy Code, 2016. Subsequently, the parties reached a settlement agreement. IA No. 84/2022 was filed seeking withdrawal of the CIRP application based on this settlement. The learned counsel for the petitioner stated that the parties had arrived at a settlement and requested permission to withdraw the CP (IB) No. 16/Chd/HP/2019. The court considered the settlement agreement and the statement of the counsel.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) …

**Ratio:** The legal principle applied is that a CIRP application can be withdrawn if the parties

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**Reasoning:** The court reasoned that the parties had arrived at a settlement, and the learned counsel

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**Interpretation:** This interpretation suggests that the court acknowledges the importance of

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

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

## Timeline

- **2019-01-01 — Filing of CP (IB) No.…**: CP (IB) No. 16/Chd/HP/2019 filed under…
- **2022-01-01 — Filing of IA No…**: IA No. 84/2022 filed for withdrawal of CP (IB) No. 16/Chd/HP/2019 on the basis of…

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