# In the matter of RG Residency Pvt. Ltd. (IB)-342(PB)-2020

> NCLT judgment dated 2022-01-19. Citation: TCN-2022-NCLT-04412. The case involves a Company Petition No. (IB)-342(PB)/2020 filed under Section 9 of the…

- **Court:** NCLT
- **Order date:** 19 Jan 2022
- **Citation:** TCN-2022-NCLT-04412
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rg-residency-pvt-ltd-ib-342pb-2020-719ef763

## Summary

### Background

The case involves a Company Petition No. (IB)-342(PB)/2020 filed under Section 9 of the Insolvency & Bankruptcy Code. An application IA-4186/2021 was filed by the petitioner for withdrawal of the main Company Petition, based on a settlement between the parties.

## Facts

Ms. Prerana Batheja filed a Company Petition No. (IB)-342(PB)/2020 against M/s. RG Residency Pvt. Ltd. under Section 9 of the Insolvency & Bankruptcy Code. Subsequently, an application IA-4186/2021 was filed by the petitioner for withdrawal of the main Company Petition, citing a settlement reached between the parties. The application was duly signed by both parties. The court then disposed of the Company Petition as withdrawn and allowed IA-4186/2021.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition No. (IB)-342(PB)/2020, IA-4186/2021, …

**Ratio:** When parties to a legal proceeding arrive at a settlement, courts generally respect and

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**Reasoning:** The court reasoned that since the parties had reached a settlement and the petitioner

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**Interpretation:** The interpretation is that settlements are favored in law, and when a

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**Application:** In this case, the parties reached a settlement, and the petitioner applied for

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## Parties

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

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No.…
- **2021-01-01 — Application for…**: IA-4186/2021 application filed for…

## 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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