# In the matter of ERA Realtors Pvt. Ltd. C.P.(IB)728-MB-2020

> NCLT judgment dated 2022-02-15. Citation: TCN-2022-NCLT-04121. The case involves a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016. The…

- **Court:** NCLT
- **Order date:** 15 Feb 2022
- **Citation:** TCN-2022-NCLT-04121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/era-realtors-pvt-ltd-cpib728-mb-2020-9f8680b0

## Summary

### Background

The case involves a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016. The advocates for both parties submitted that the matter had been settled out of court, and the claim amount was paid to the Petitioner/OC on June 3, 2021. However, the matter was listed but could not be heard due to a lack of time.

## Facts

WOW Entertainment and Media Pvt. Ltd. filed a petition against ERA Realtors Pvt. Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. The advocates for both parties submitted that the matter had been settled out of court, and the claim amount was paid to the Petitioner/OC on 03.06.2021. The matter was listed but could not be heard due to a lack of time. The Respondent admitted to the above position. The court considered Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

## Issues and analysis

### Issue 1: Whether the petition can be withdrawn based …

**Ratio:** A petition can be withdrawn if the parties have settled the matter out of court and the

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**Reasoning:** The court accepted the submission of the advocates that the matter was settled out of

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**Interpretation:** This interpretation allows for the efficient resolution of disputes outside of

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**Application:** In this specific case, since the parties settled out of court and the

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## Parties

- **Judges:** K.K. V…; P.N. Des…
- **Appellants:** WOW Entertainment…
- **Respondents:** Era Realtors Pvt.…
- **Advocates:** Sajal Man…; Mohnish Cha…

## Timeline

- **2021-06-03 — Claim Amoun…**: The claim amount was…
- **2022-02-15 — Order Sheet of…**: 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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