# In the matter of Omkar Realtors & Developers Pvt. Ltd. IA 235-2022 In C.P. (IB)-4406-(MB)2019

> NCLT judgment dated 2022-02-03. Citation: TCN-2022-NCLT-04277. The application was filed to seek permission to withdraw the Company Petition, as the issue…

- **Court:** NCLT
- **Order date:** 3 Feb 2022
- **Citation:** TCN-2022-NCLT-04277
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/omkar-realtors-developers-pvt-ltd-ia-235-2022-in-cp-ib-4406-mb2019-aa4aa83c

## Summary

### Background

The application was filed to seek permission to withdraw the Company Petition, as the issue involved was amicably settled between the parties out of court. The applicant has placed on record the communication with the Corporate Debtor, confirming the settlement.

## Facts

Keshavpriya Creations Pvt Ltd. filed a Company Petition. The issue involved in the petition was amicably settled between Keshavpriya Creations Pvt Ltd. and Omkar Realtors & Developers Pvt Ltd. out of court. Keshavpriya Creations Pvt Ltd. then filed an application to withdraw the Company Petition. The applicant placed on record the communication with the Corporate Debtor, Omkar Realtors & Developers Pvt Ltd., confirming the settlement. The court considered the documents and allowed the withdrawal of the Company Petition.

## Issues and analysis

### Issue 1: Whether the application to withdraw the Company Petition should be allowed, given that the issue …

**Ratio:** When parties have amicably settled a dispute outside of court, and the applicant seeks to

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**Reasoning:** The court reasoned that the applicant had placed on record the communication with the

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**Interpretation:** This case interprets the power of the court to allow the withdrawal of a

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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:** K.K. V…; P.N. Des…
- **Appellants:** Keshavpriya…
- **Respondents:** Omkar Realtors &…

## Timeline

- **2022-02-03 — Hearing…**: Hearing of Mumbai Bench of the…
- **2019-01-01 — Company Petiti…**: CP (IB) 4406 of 2019…

## 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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