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

> NCLT judgment dated 2022-07-28. Citation: TCN-2022-NCLT-01548. 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-01548
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hard-rock-inn-pvt-ltd-ib-360pb-2022-b6ea145e

## 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. A settlement was reached between the parties, leading the petitioner to withdraw the petition. The court, upon being informed of the settlement by the petitioner's counsel, dismissed the case as withdrawn. IA-3132/2022, which was pending, was also disposed of. The order specifies that if the settlement is breached, either party can take legal action.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency & Bankruptcy Code can be dismissed …

**Ratio:** A petition can be dismissed as withdrawn if the parties reach a settlement, and the

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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 indicates that settlements are encouraged in insolvency proceedings, and

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**Application:** In this case, the settlement between Religare Finvest Ltd. and Hard Rock Inn

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## Parties

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

## Timeline

- **2022-07-28 — Order Del…**: Order delivered on 28.07.2022, dismissing…

## 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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