# In the matter of Orchasp Limited CP (IB) No. 281-7-HDB-2022

> NCLT judgment dated 2022-12-02. Citation: TCN-2022-NCLT-00250. The case pertains to CP (IB) No. 281/7/HDB/2022 filed under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 2 Dec 2022
- **Citation:** TCN-2022-NCLT-00250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/orchasp-limited-cp-ib-no-281-7-hdb-2022-a47d8c73

## Summary

### Background

The case pertains to CP (IB) No. 281/7/HDB/2022 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Global Focus Investment Managers Limited, the Financial Creditor, initiated proceedings against Orchasp Limited, the Corporate Debtor.

## Facts

Global Focus Investment Managers Limited initiated a corporate insolvency resolution process against Orchasp Limited under Section 7 of the IBC, 2016. The Financial Creditor and Corporate Debtor subsequently settled the matter. The Financial Creditor's counsel informed the Adjudicating Authority that a settlement had been reached and a memo seeking leave to withdraw the Company Petition was filed. The Adjudicating Authority perused the memo dated 2022-11-28, diary number 9970. The key fact is the settlement between the parties, leading to the withdrawal of the insolvency application.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the withdrawal of the Company Petition in light of …

**Ratio:** The principle is that if parties settle a matter and the applicant seeks to withdraw the

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**Reasoning:** The court reasoned that since the Financial Creditor and the Corporate Debtor had settled

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**Interpretation:** This interprets the IBC to allow for withdrawal of applications when 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:** Venkata Ramakrishn…; SH. AJAI DAS…
- **Appellants:** Global Focus…
- **Respondents:** Orchasp L…
- **Advocates:** Sagarika…

## Timeline

- **2022-12-02 — Hearing…**: Hearing held on 2022-12-02 at…
- **2022-11-28 — Settlement Me…**: Memo dated 2022-11-28 filed regarding…

## 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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