# In the matter of Deem Construction Company Pvt. Ltd. CP No. (IB)- 84-9-JPR-2020

> NCLT judgment dated 2022-09-13. Citation: TCN-2022-NCLT-01077. The case involves M/s Hellacious Buildcorp Pvt. Ltd. as the Operational Creditor and M/s Deem…

- **Court:** NCLT
- **Order date:** 13 Sept 2022
- **Citation:** TCN-2022-NCLT-01077
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/deem-construction-company-pvt-ltd-cp-no-ib-84-9-jpr-2020-0211cf25

## Summary

### Background

The case involves M/s Hellacious Buildcorp Pvt. Ltd. as the Operational Creditor and M/s Deem Construction Company Pvt. Ltd. as the Corporate Debtor. The matter was presented before the National Company Law Tribunal (NCLT), Jaipur Bench, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The hearing was conducted through video conferencing.

## Facts

M/s Hellacious Buildcorp Pvt. Ltd. initiated a corporate insolvency resolution process against M/s Deem Construction Company Pvt. Ltd. under Section 9 of the IBC, 2016. The matter was brought before the NCLT Jaipur Bench. During the proceedings, both parties informed the court that they had reached an amicable settlement. Consequently, the Operational Creditor sought to withdraw the petition. The court granted permission for the withdrawal, leading to the dismissal of the case.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the petition filed under Section 9 of the IBC, 2016, …

**Ratio:** A petition filed under Section 9 of the IBC can be withdrawn if the parties have amicably

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**Reasoning:** The court acknowledged the submission by both parties that the matter had been amicably

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**Interpretation:** This reflects the court's willingness to facilitate settlements between parties

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**Application:** In this specific case, since the parties reached an amicable settlement and the

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** M/s Hellacious…
- **Respondents:** M/s Deem Construct…; Nivedira R.…
- **Advocates:** Ankit J…; Sagrika…; +1 more

## Timeline

- **2020-01-01 — CP No. (IB)- 84/9/JPR/20…**: Corporate Insolvency Resolution Process…
- **2022-09-13 — Order Is…**: NCLT, Jaipur Bench, dismissed CP No. (IB)-84/9/JPR/2020 as withdrawn following amicable…

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