# In the matter of RG Residency Pvt. Ltd. (IB)-338(PB)-2020

> NCLT judgment dated 2022-01-19. Citation: TCN-2022-NCLT-04413. The case involves a Company Petition No. (IB)-338(PB)/2020 filed under Section 9 of the…

- **Court:** NCLT
- **Order date:** 19 Jan 2022
- **Citation:** TCN-2022-NCLT-04413
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rg-residency-pvt-ltd-ib-338pb-2020-b4ed8599

## Summary

### Background

The case involves a Company Petition No. (IB)-338(PB)/2020 filed under Section 9 of the Insolvency & Bankruptcy Code. An application (IA-4164/2021) was filed by the Petitioner for withdrawal of the main Company Petition based on a settlement arrived at between the parties.

## Facts

Ms. Vandana Arora filed a Company Petition No. (IB)-338(PB)/2020 against M/s. RG Residency Pvt. Ltd. under Section 9 of the Insolvency & Bankruptcy Code. Subsequently, the parties reached a settlement, and the Petitioner filed an application (IA-4164/2021) to withdraw the main Company Petition. The application was duly signed by both parties, indicating their consent to the withdrawal. The settlement is the key fact that led to the withdrawal application and the court's subsequent order.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition No. (IB)-338(PB)/2020, based on the …

**Ratio:** When parties to a legal proceeding reach a settlement, they are generally permitted to

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**Reasoning:** The court reasoned that since the parties had arrived at a settlement and the Petitioner

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**Interpretation:** This legal issue involves the interpretation of the right of parties to settle

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**Application:** In this case, the ratio and reasoning were applied to the specific facts where

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## Parties

- **Judges:** Ramalingam…; Sh. Hemant Kumar…
- **Appellants:** Vandana…
- **Respondents:** M/s. RG Residency…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No.…
- **2021-01-01 — Withdrawal Application…**: IA-4164/2021, an application for withdrawal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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