# In the matter of Ocean Infraheights Pvt. Ltd.

> NCLT judgment dated 2023-12-20. Citation: TCN-2023-NCLT-00104. The Operational Creditor filed a petition under CP (IB) No.34/ALD/2023. Subsequently, an…

- **Court:** NCLT
- **Order date:** 20 Dec 2023
- **Citation:** TCN-2023-NCLT-00104
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ocean-infraheights-pvt-ltd-e7e5d235

## Summary

### Background

The Operational Creditor filed a petition under CP (IB) No.34/ALD/2023. Subsequently, an application (IA No.605/2023) was filed seeking permission to withdraw the petition due to a Settlement Agreement executed between the parties.

## Facts

The Operational Creditor filed a petition CP (IB) No.34/ALD/2023 against the Corporate Debtor. A Settlement Agreement was executed between the parties, leading the Operational Creditor to file IA No.605/2023 seeking permission to withdraw the petition. The application states that all disputes have been settled amicably, and the terms of the settlement are mentioned in the Settlement Agreement. Both counsels representing the Applicant and the Corporate Debtor agreed to the withdrawal. The key fact is the existence of a Settlement Agreement that resolves the disputes, justifying the withdrawal of the insolvency petition. The court granted permission to withdraw the petition, allowing the Operational Creditor to revive the petition if the Corporate Debtor breaches the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency petition CP (IB) No.34/ALD/2023, based on …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement and both parties

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**Reasoning:** The court considered the averments in the application for withdrawal and the statements

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**Interpretation:** This implies that the court recognizes the validity of settlement agreements in

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**Application:** In this case, the existence of the Settlement Agreement and the agreement of

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** M/S YES BU…
- **Respondents:** M/S OCEAN…

## Timeline

- **2023-12-20 — Order Da…**: IA No.605/2023 is allowed, and the main petition CP (IB) No.34/ALD/2023 is dismissed as…

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