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

> NCLT judgment dated 2022-11-09. Citation: TCN-2022-NCLT-00502. 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-00502
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/narayani-hotels-and-resorts-ltd-cpib-53ahm2021-57e48b24

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The applicant and respondent have amicably settled the matter, leading to the filing of a withdrawal pursis seeking the withdrawal of CP (IB) 53 of 2021. The corporate debtor has also filed a pursis annexing settlement documents and copies of Demand Drafts, indicating that payment has been made.

## Facts

Union Bank of India filed an application against Narayani Hotels & Resorts Ltd. under Section 7 of the IBC. The parties involved reached an amicable settlement. Consequently, a withdrawal pursis was filed to withdraw CP (IB) 53 of 2021. The corporate debtor, Narayani Hotels & Resorts Ltd, also filed a pursis attaching documents related to the settlement 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 an insolvency proceeding reach an amicable settlement and the corporate

…

**Reasoning:** The court considered the learned counsel's statement that the parties had amicably

…

**Interpretation:** This case interprets the provisions of the IBC relating to the withdrawal of

…

**Application:** Given the amicable settlement and the corporate debtor's fulfillment of payment

…

## Parties

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

## Timeline

- **N/A — Application…**: Union Bank of India filed an application under Section 7 IBC against Narayani Hotels &…
- **N/A — Amicable Set…**: The parties involved…

## 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)

---

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/narayani-hotels-and-resorts-ltd-cpib-53ahm2021-57e48b24