# In the matter of Iyogi Technical Service Pvt. Ltd. IA No. 4517-ND-2021 IN   (IB)-351-PB-2017

> NCLT judgment dated 2023-10-06. Citation: TCN-2023-NCLT-01381. An application was filed by the Operational Creditor seeking withdrawal of the IB application…

- **Court:** NCLT
- **Order date:** 6 Oct 2023
- **Citation:** TCN-2023-NCLT-01381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/iyogi-technical-service-pvt-ltd-ia-no-4517-nd-2021-in-ib-351-pb-2017-582b08b4

## Summary

### Background

An application was filed by the Operational Creditor seeking withdrawal of the IB application under Section 9 of the Code. The Operational Creditor stated that the parties have amicably settled the matter and executed a Memorandum of Settlement dated 18.09.2021, which was placed on record.

## Facts

My Kind Vacations Pvt. Ltd. filed an application against M/s I Yogi Technical Service Pvt. Ltd. under Section 9 of the IBC. The Operational Creditor sought to withdraw the application, stating that the parties had amicably settled the matter and executed a Memorandum of Settlement dated 18.09.2021. The Learned Counsel for the RP stated that no CIRP cost, including the IRP fees, was pending, and the IRP consented to the withdrawal. The CoC was not formed. The court considered the submissions and documents on record.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the IB application filed under Section 9 of the Code …

**Ratio:** An application for withdrawal can be allowed if the parties have amicably settled the

…

**Reasoning:** The court considered the submissions made and the documents placed on record, including

…

**Interpretation:** The legal principle allows for the withdrawal of an application under Section 9

…

**Application:** In this case, the parties amicably settled the matter, executed a Memorandum of

…

## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** My Kind Vacations…
- **Respondents:** M/s I Yogi…

## Timeline

- **2021-09-18 — Memorandum of S…**: Parties executed a…
- **2021-10-06 — Order del…**: Court allowed the application for…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/iyogi-technical-service-pvt-ltd-ia-no-4517-nd-2021-in-ib-351-pb-2017-582b08b4