# In the matter of Ecoman Enviro Solutions Pvt. Ltd.

> NCLT judgment dated 2023-08-24. Citation: TCN-2023-NCLT-01948. The present application, IA No. 3773/2023, was filed by the Operational Creditor for withdrawal…

- **Court:** NCLT
- **Order date:** 24 Aug 2023
- **Citation:** TCN-2023-NCLT-01948
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ecoman-enviro-solutions-pvt-ltd-0d54f548

## Summary

### Background

The present application, IA No. 3773/2023, was filed by the Operational Creditor for withdrawal of the Company Petition. The company petition was admitted under CIRP vide order dated 11.08.2023. The parties have settled the debt in default by consent terms.

## Facts

The Operational Creditor filed IA No. 3773/2023 to withdraw the Company Petition. The Company Petition had been admitted under CIRP via an order dated 2023-08-11. The parties settled the debt in default by consent terms, which were presented to the court and taken on record. Both parties signed the consent terms. The court allowed IA No. 3773/2023 and dismissed C.P. (IB)/3979(MB)2019 as withdrawn. All pending IAs/MAs filed in the present petition were disposed of as infructuous.

## Issues and analysis

### Issue 1: Whether IA No. 3773/2023 should be allowed, permitting the withdrawal of the Company Petition based …

**Ratio:** When parties to a company petition reach a settlement and consent to the withdrawal of

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**Reasoning:** The court reasoned that the parties had settled the debt in default by consent terms,

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**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

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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:** SH. PRABHAT…; SH. VIRENDRASINGH…
- **Appellants:** GALAXY META…
- **Respondents:** M/S. ECOMAN…

## Timeline

- **2023-08-11 — CIRP Orde…**: The company petition was admitted under…
- **2023-08-24 — Hearing…**: Order sheet of the…

## 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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