# In the matter of Narayani Hotels and Resorts Ltd. CP(IB)-53(AHM)2021

> NCLT judgment dated 2022-11-09. Citation: TCN-2022-NCLT-00496. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 9 Nov 2022
- **Citation:** TCN-2022-NCLT-00496
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/narayani-hotels-and-resorts-ltd-cpib-53ahm2021-0deb9537

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The applicant, Union Bank of India, and the respondent, Narayani Hotels & Resorts Ltd, have amicably settled the matter. A withdrawal pursis has been filed seeking the withdrawal of CP (IB) 53 of 2021. The corporate debtor has also filed a pursis annexing all settlement documents and copies of Demand Drafts, indicating payment.

## Facts

Union Bank of India filed an application under Section 7 of the IBC against Narayani Hotels & Resorts Ltd. During the proceedings, the parties reached an amicable settlement. Consequently, both the applicant and the corporate debtor filed pursis seeking withdrawal of the CP (IB) 53 of 2021. The corporate debtor's pursis included settlement documents and copies of Demand Drafts, confirming that payment had been made. The court considered the settlement and the application for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP (IB) 53 of 2021 should be allowed given the amicable …

**Ratio:** When parties to a legal proceeding reach an amicable settlement, and both parties consent

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**Reasoning:** The court reasoned that the parties had amicably settled the matter, and both the

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**Interpretation:** This legal issue concerns the court's discretion to allow the withdrawal of an

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**Application:** In this case, the applicant and the corporate debtor, Narayani Hotels &

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** Union Bank of…
- **Respondents:** Narayani Hotels &…

## Timeline

- **2021-01-01 — CP (IB) 53 of 2…**: CP (IB) 53 of 2021 was…
- **2022-11-09 — Order Del…**: Order delivered allowing the…

## 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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