# In the matter of Raj Arcades Homes Pvt. Ltd. IA 1236-2022 in C.P. (IB) 3101-MB-2019

> NCLT judgment dated 2022-06-03. Citation: TCN-2022-NCLT-02452. The document pertains to an application for withdrawal of a Company Petition (CP) bearing CP…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-02452
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/raj-arcades-homes-pvt-ltd-ia-1236-2022-in-cp-ib-3101-mb-2019-6c495caa

## Summary

### Background

The document pertains to an application for withdrawal of a Company Petition (CP) bearing CP (IB) No. 3101 of 2019. The matter was settled amicably between the parties outside of court. The applicant, a financial creditor, submitted consent terms, duly signed by both the financial creditor and the corporate debtor, as part of the application for withdrawal.

## Facts

The key facts are as follows: A Company Petition (CP) bearing CP (IB) No. 3101 of 2019 was filed. The matter was settled amicably between the parties outside of court. The Applicant, a Financial Creditor, filed IA 1236/2022 for withdrawal of the CP. Consent terms, duly signed by the Financial Creditor and the Corporate Debtor, were attached to the application. The application is based on Section 7 of the IBC, 2016. The court allowed the withdrawal of the CP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition (CP) bearing CP (IB) No. 3101 of …

**Ratio:** The legal principle applied is that if parties to a Company Petition amicably settle the

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**Reasoning:** The court reasoned that since the matter was settled amicably between the parties and the

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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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:** Bircort Textile…
- **Respondents:** Raj Arcades Homes…

## Timeline

- **2019-01-01 — Filing of Company…**: Company Petition (CP) bearing CP…
- **2022-06-03 — Order Sheet of…**: Hearing on the application for…

## 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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