# In the matter of Ishaan Clubs & Hotels Private Limited

> NCLT judgment dated 2023-08-31. Citation: TCN-2023-NCLT-01834. The case involves an Interlocutory Application (IBC)/3926/2023 in C.P. (IB)/428(MB)2022 before…

- **Court:** NCLT
- **Order date:** 31 Aug 2023
- **Citation:** TCN-2023-NCLT-01834
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ishaan-clubs-hotels-private-limited-7f4d34fd

## Summary

### Background

The case involves an Interlocutory Application (IBC)/3926/2023 in C.P. (IB)/428(MB)2022 before the National Company Law Tribunal (NCLT), Mumbai Bench. The applicant sought to place on record a settlement agreement dated 2023-07-15 arrived at between the OC (Original Creditor) and CD (Corporate Debtor).

## Facts

The case involves an Interlocutory Application (IA 3926/2023) filed by the Counsel for OC seeking to place on record a settlement agreement dated 2023-07-15, which was arrived at between the OC and the CD. The Counsel for OC, upon being queried, submitted that the OC wishes to withdraw the Corporate Petition (CP) pursuant to the settlement agreement. The relevance of the settlement agreement is that it forms the basis for the OC's decision to withdraw the CP, leading to the dismissal of the CP and disposal of the IA.

## Issues and analysis

### Issue 1: Whether the Corporate Petition can be dismissed as withdrawn based on the settlement agreement …

**Ratio:** A Corporate Petition can be dismissed as withdrawn if the Original Creditor (OC)

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**Reasoning:** The court reasoned that since the Counsel for OC submitted that the OC wants to withdraw

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**Interpretation:** This interpretation allows for the dismissal of a CP when the parties have

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**Application:** In this case, the OC, through its counsel, expressed the desire to withdraw the

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## Parties

- **Judges:** SANJIV…; LAKSHMI G…
- **Respondents:** Ishaan Clubs &…

## Timeline

- **2023-07-15 — Settlement Ag…**: Settlement agreement arrived…
- **2023-08-31 — Order Shee…**: Order sheet of the hearing of Mumbai Bench…

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