# In the matter of Shree Naman Developers Pvt. Ltd. C.P.(IB)-533(MB)-2021

> NCLT judgment dated 2022-03-22. Citation: TCN-2022-NCLT-03619. The case pertains to C.P.(IB)/533(MB)/2021 before the National Company Law Tribunal, Mumbai…

- **Court:** NCLT
- **Order date:** 22 Mar 2022
- **Citation:** TCN-2022-NCLT-03619
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-naman-developers-pvt-ltd-cpib-533mb-2021-03d7dd76

## Summary

### Background

The case pertains to C.P.(IB)/533(MB)/2021 before the National Company Law Tribunal, Mumbai Bench. The order sheet reflects a hearing held on March 22, 2022, involving Emes Trading Pvt. Ltd. versus Shree Naman Developers Pvt. Ltd. The matter was convened through video conference.

## Facts

The case involves Emes Trading Pvt. Ltd. as the Financial Creditor and Shree Naman Developers Pvt. Ltd. The Financial Creditor filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the hearing on March 22, 2022, the Financial Creditor's counsel informed the court that the matter had been amicably settled. The original claim was Rs. 2.89 crore, but the settled amount was Rs. 2.54 crore. Consequently, the Financial Creditor sought to withdraw the petition. The court allowed the withdrawal, leading to the dismissal of the petition. The Corporate Debtor's counsel was not present during the hearing.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition can be dismissed as withdrawn if the parties reach an amicable settlement and

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

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**Interpretation:** This interpretation aligns with the principle that parties are free to settle

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**Application:** In this case, the Financial Creditor and the Corporate Debtor reached an

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## Parties

- **Judges:** RAJESH S…; KISHORE VEMULAPALL…
- **Appellants:** Emes Trading Pvt.…
- **Respondents:** Shree Naman…

## Timeline

- **2022-03-22 — Hearing…**: Hearing held on March 22, 2022, where the Financial Creditor's counsel submitted that the…
- **2022-03-22 — Petition Di…**: The petition [C.P.(IB)/533(MB)/2021] was dismissed as withdrawn due to the amicable…

## 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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