# In the matter of Lanco Hills Technology Park Pvt. Ltd.

> NCLT judgment dated 2023-11-06. Citation: TCN-2023-NCLT-00853. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 6 Nov 2023
- **Citation:** TCN-2023-NCLT-00853
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lanco-hills-technology-park-pvt-ltd-2af2cf3c

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor, Canara Bank, initiated a company petition against the Corporate Debtor, Lanco Hills Technology Park Pvt Ltd. The Financial Creditor filed a memo indicating that the Corporate Debtor had proposed a settlement offer, which was accepted by the Financial Creditor.

## Facts

Canara Bank, the Financial Creditor, initiated a company petition against Lanco Hills Technology Park Pvt Ltd, the Corporate Debtor, under Section 7 of the IBC, 2016. The Financial Creditor submitted a memo stating that the Corporate Debtor had proposed a settlement offer, which the Financial Creditor accepted. The memo was supported by a photocopy of enclosures letter dated 2023-11-02 and an email communication letter dated 2023-11-03 and 2023-09-27. The Financial Creditor then sought leave from the Tribunal to withdraw the company petition, reserving the right to file a fresh petition if the settlement terms were violated. The relevance of the settlement offer is that it led to the Financial Creditor seeking withdrawal of the initial petition.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be granted leave to withdraw the company petition in light of …

**Ratio:** A court or tribunal has the discretion to allow the withdrawal of a petition when the

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**Reasoning:** The Tribunal reasoned that since the Corporate Debtor had made a settlement offer that

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**Interpretation:** This issue involves the interpretation of the Tribunal's power to permit the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Canara…
- **Respondents:** Lanco Hills…

## Timeline

- **2023-11-02 — Enclosures Let…**: Date of the enclosures letter submitted with…
- **2023-11-03 — Email Communica…**: Date of the email communication submitted with…

## 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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