# 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-01758. The case involves an application (IA 777/2021) filed in connection with a Company Petition…

- **Court:** NCLT
- **Order date:** 12 Jul 2022
- **Citation:** TCN-2022-NCLT-01758
- **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-fbb79f02

## Summary

### Background

The case involves an application (IA 777/2021) filed in connection with a Company Petition (C.P.(IB)/62/MB/2020). The Financial Creditor initiated the application, possibly for contempt against the Corporate Debtor. The matter was listed before the National Company Law Tribunal (NCLT), Mumbai Bench.

## Facts

The Financial Creditor filed an application (IA 777/2021) in connection with a Company Petition (C.P.(IB)/62/MB/2020). The Corporate Debtor and the Financial Creditor reached a settlement. As a result of the settlement, the Financial Creditor expressed a desire to withdraw the main Company Petition. The court considered the submission of the Counsel for the Financial Creditor and permitted the withdrawal of the Company Petition. Consequently, the court disposed of the application (IA 777/2021). The order was issued on July 12, 2022.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can withdraw the main Company Petition due to a settlement with the …

**Ratio:** A Financial Creditor can withdraw a Company Petition if a settlement is reached with the

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**Reasoning:** The court considered the submission of the Counsel for the Financial Creditor, indicating

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**Interpretation:** This reflects the principle that parties are free to resolve their disputes

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**Application:** In this case, the settlement between Aurangabad Gymkhana Club Pvt Ltd and Omkar

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Respondents:** Omkar Realtors &…; Amma…

## Timeline

- **2022-07-12 — Order Sheet of…**: Order sheet of the hearing on 12.07.2022 indicates the disposal of IA 777/2021 due to 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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