# In the matter of IREO Waterfront Private Limited IA-278-2022 in (IB)-332(ND)2020

> NCLT judgment dated 2022-01-19. Citation: TCN-2022-NCLT-04411. The case involves a Company Petition No. (IB)-332(ND)2020 filed under Section 7 of the…

- **Court:** NCLT
- **Order date:** 19 Jan 2022
- **Citation:** TCN-2022-NCLT-04411
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ireo-waterfront-private-limited-ia-278-2022-in-ib-332nd2020-4d953ece

## Summary

### Background

The case involves a Company Petition No. (IB)-332(ND)2020 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant sought withdrawal of the petition based on a settlement reached between the parties. The matter was heard by the National Company Law Tribunal (NCLT), New Delhi Bench.

## Facts

M/s. LIC Housing Finance Limited filed a Company Petition No. (IB)-332(ND)2020 against M/s. IREO Waterfront Private Limited under Section 7 of the IBC, 2016. Subsequently, a settlement was reached between the parties. The applicant, LIC Housing Finance Limited, then filed IA-278/2022 seeking withdrawal of the petition based on this settlement. The NCLT heard the applicant's counsel and reviewed the application before permitting the withdrawal.

## Issues and analysis

### Issue 1: Whether the applicant can withdraw the Company Petition No. (IB)-332(ND)2020 based on a settlement …

**Ratio:** A company petition can be withdrawn if a settlement is reached between the parties, as it

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**Reasoning:** The court reasoned that the settlement between the parties provides a valid basis for the

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**Interpretation:** The interpretation is that the IBC allows for flexibility in resolving

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**Application:** In this case, the applicant, LIC Housing Finance Limited, sought to withdraw

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; Shri. L. N.…
- **Appellants:** M/s LIC Housing…
- **Respondents:** M/s. IREO…

## Timeline

- **N/A — Filing of Company…**: M/s. LIC Housing Finance Limited filed Company Petition No. (IB)-332(ND)2020 against M/s.…
- **N/A — Settlement between…**: A settlement was reached between LIC Housing Finance Limited and IREO Waterfront Private…

## 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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