# 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-01373. 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-01373
- **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-2017-6aeb6b61

## 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 had 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 (My Kind Vacations Pvt. Ltd.) sought to withdraw the application because the parties amicably settled the matter and executed a Memorandum of Settlement dated 18.09.2021. The RP stated that no CIRP costs were pending, and the IRP consented to the withdrawal. The CoC was not formed.

## Issues and analysis

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

**Ratio:** When parties amicably settle a matter and no CIRP costs are pending, and the IRP consents

…

**Reasoning:** The court considered the submissions made and the documents placed on record. The Learned

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**Interpretation:** The legal principle is that if the parties have settled the matter amicably,

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**Application:** In this case, the parties settled amicably, no CIRP costs were pending, the IRP

…

## 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…**: The 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)

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