# In the matter of Hard Rock Inn Pvt. Ltd. (IB)-360(PB)-2022

> NCLT judgment dated 2022-07-28. Citation: TCN-2022-NCLT-01545. The case involves Religare Finvest Ltd. as the petitioner/applicant and Hard Rock Inn Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 28 Jul 2022
- **Citation:** TCN-2022-NCLT-01545
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hard-rock-inn-pvt-ltd-ib-360pb-2022-1761f3cf

## Summary

### Background

The case involves Religare Finvest Ltd. as the petitioner/applicant and Hard Rock Inn Pvt. Ltd. as the respondent. The matter pertains to an order under Section 7 of the Insolvency & Bankruptcy Code. The petitioner's counsel stated that a settlement has been reached, leading to the withdrawal of the petition.

## Facts

Religare Finvest Ltd. filed a petition against Hard Rock Inn Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code. During the proceedings, the counsel for Religare Finvest Ltd. informed the court that a settlement had been reached between the parties. Consequently, Religare Finvest Ltd. sought to withdraw the petition. The court, acknowledging the settlement and the request for withdrawal, disposed of IA-3132/2022 and dismissed the main petition, CP. No. (IB)-360(PB)/2022, as withdrawn. The order also stipulated that in the event of a breach of the settlement, either party retains the right to pursue legal remedies.

## Issues and analysis

### Issue 1: Whether the petition CP. No. (IB)-360(PB)/2022 can be dismissed as withdrawn based on the …

**Ratio:** A petition can be dismissed as withdrawn if the parties involved reach a settlement and

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**Reasoning:** The court accepted the statement of the petitioner's counsel that a settlement had been

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**Interpretation:** This reflects the principle that courts generally respect and enforce

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**Application:** In this case, the court applied the ratio by accepting the petitioner's request

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Religare Finvest…
- **Respondents:** Hard Rock Inn…

## Timeline

- **2022-07-28 — Order Del…**: The order was delivered dismissing CP. No. (IB)-360(PB)/2022 as withdrawn due to a…

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