# In the matter of Omkar Realtors & Developers Pvt. Ltd. IA 777-2021 in C.P.(IB)-62-MB-2020

> NCLT judgment dated 2022-07-12. Citation: TCN-2022-NCLT-01756. The case involves an application (IA 777/2021) filed in relation to a Company Petition…

- **Court:** NCLT
- **Order date:** 12 Jul 2022
- **Citation:** TCN-2022-NCLT-01756
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/omkar-realtors-developers-pvt-ltd-ia-777-2021-in-cpib-62-mb-2020-30955f18

## Summary

### Background

The case involves an application (IA 777/2021) filed in relation to a Company Petition (C.P.(IB)/62/MB/2020). The Financial Creditor filed the application for initiation of contempt against the Corporate Debtor.

## Facts

The Financial Creditor filed an application (IA 777/2021) seeking initiation of contempt proceedings against the Corporate Debtor. The Corporate Debtor settled the matter with the Financial Creditor. As a result of the settlement, the Financial Creditor expressed a desire to withdraw the main Company Petition. The court considered the submission and allowed the withdrawal of the Company Petition, also disposing of IA 777/2021. The settlement between the parties is the key fact that led to the withdrawal of the petition and disposal of the application.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can withdraw the main Company Petition after the Corporate Debtor …

**Ratio:** A party is generally allowed to withdraw a petition if the underlying issue has been

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**Reasoning:** The court reasoned that since the Corporate Debtor had settled the matter, the Financial

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**Interpretation:** This reflects the principle that courts generally encourage settlement between

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**Application:** The court applied this principle by allowing the Financial Creditor to withdraw

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Respondents:** Aurangabad…; Amma…

## Timeline

- **2022-07-12 — Order Sheet of…**: Order sheet of the hearing on 12.07.2022 indicates that the Financial Creditor's counsel…

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