# In the matter of Elegant Infracon Private Limited

> NCLT judgment dated 2024-05-15. Citation: TCN-2024-NCLT-01339. The applicant sought to withdraw a Section 7 petition (IB-69(ND)/2021) under the IBC, based on…

- **Court:** NCLT
- **Order date:** 15 May 2024
- **Citation:** TCN-2024-NCLT-01339
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/elegant-infracon-private-limited-958c3db6

## Summary

### Background

The applicant sought to withdraw a Section 7 petition (IB-69(ND)/2021) under the IBC, based on a settlement agreement reached between the parties. The petition was initially admitted on 2024-04-30, and an Interim Resolution Professional (IRP), Mr. Naresh Kumar Aggarwal, was appointed. The Committee of Creditors (CoC) had not yet been constituted. The application for withdrawal was jointly filed by the Applicant/Financial Creditor and the Respondent/Corporate Debtor.

## Facts

Narendra Singh Rawat & Ors filed a Section 7 petition (IB-69(ND)/2021) under the Insolvency and Bankruptcy Code (IBC), 2016 against M/s Elegant Infracon Pvt Ltd. The petition was admitted on 2024-04-30, and Mr. Naresh Kumar Aggarwal was appointed as the Interim Resolution Professional (IRP). However, before the Committee of Creditors (CoC) could be constituted, the parties reached a settlement. The Applicant/Financial Creditor and the Respondent/Corporate Debtor jointly moved an application (IA-2437/2024) to withdraw the petition. The IRP endorsed the settlement, confirming receipt of all dues and recommending the withdrawal. The court considered the submissions of the parties and the IRP's endorsement. The key fact is the settlement between the parties before the

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## Issues and analysis

### Issue 1: Whether the Applicant should be permitted to withdraw the Section 7 petition (IB-69(ND)/2021) in …

**Ratio:** A Section 7 petition under the IBC can be withdrawn if the parties reach a settlement,

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**Reasoning:** The court considered the submissions of the learned counsel for the applicant and the

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**Interpretation:** This legal issue involves the interpretation of the IBC provisions related to

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**Application:** In this case, the settlement between Narendra Singh Rawat & Ors (Applicant)

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** Narendra Singh…
- **Respondents:** M/s Elegant…

## Timeline

- **2024-04-30 — Admission of Section 7…**: IB-69(ND)/2021 under Section 7 IBC was admitted, and Mr. Naresh Kumar Aggarwal was…
- **2024-05-04 — Settlement Ag…**: Settlement arrived at between the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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