# In the matter of Supertech Township Pvt. Ltd. IB-601-ND-2021

> NCLT judgment dated 2022-03-24. Citation: TCN-2022-NCLT-03572. ICICI Bank Ltd. filed a petition against M/s. Supertech Township Pvt. Ltd. under Section 7 of…

- **Court:** NCLT
- **Order date:** 24 Mar 2022
- **Citation:** TCN-2022-NCLT-03572
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supertech-township-pvt-ltd-ib-601-nd-2021-5a8a4df1

## Summary

### Background

ICICI Bank Ltd. filed a petition against M/s. Supertech Township Pvt. Ltd. under Section 7 of the IBC Code, 2016. The parties reached a settlement, and the Financial Creditor sought to withdraw the petition with the liberty to revive it in case of default by the Corporate Debtor.

## Facts

ICICI Bank Ltd. initiated proceedings against M/s. Supertech Township Pvt. Ltd. under Section 7 of the IBC Code, 2016. During the proceedings, a settlement was reached between the parties. As a result of the settlement, ICICI Bank Ltd. filed an application to withdraw the petition, seeking permission to revive the petition if M/s. Supertech Township Pvt. Ltd. defaults on the agreed terms. The court considered the submissions from both parties and the contents of the application and its annexures. The court permitted the withdrawal of the petition but did not grant the liberty to revive the same petition. Instead, the court stated that the Financial Creditor may file a fresh petition in case of default by the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be allowed to withdraw the petition based on the settlement …

**Ratio:** Rule 8 of IB (Application to Adjudicating Authority) Rules, 2016 read with Rule 11 of

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**Reasoning:** The court considered the submissions of both parties and the contents of the application

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**Interpretation:** The court interpreted Rule 8 of IB (Application to Adjudicating Authority)

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**Application:** The court applied the ratio to the facts of the case, where a settlement had

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** ICICI Ban…
- **Respondents:** M/s. Supertech…

## Timeline

- **2022-03-24 — Order Del…**: Order delivered 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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