# In the matter of Universal Realtors Pvt. Ltd.

> NCLT judgment dated 2024-03-01. Citation: TCN-2024-NCLT-02270. The case pertains to a company petition filed by an Operational Creditor, M/s. ABL…

- **Court:** NCLT
- **Order date:** 1 Mar 2024
- **Citation:** TCN-2024-NCLT-02270
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/universal-realtors-pvt-ltd-fd551e59

## Summary

### Background

The case pertains to a company petition filed by an Operational Creditor, M/s. ABL Infrastructure Pvt Ltd, against the Corporate Debtor, M/s. Universal Realtors Pvt Ltd, under Section 9 of the IBC, 2016. The Operational Creditor sought to withdraw the petition based on a settlement memo.

## Facts

M/s. ABL Infrastructure Pvt Ltd, the Operational Creditor, filed a company petition against M/s. Universal Realtors Pvt Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. The Operational Creditor's counsel stated that they had filed a withdrawal memo. The memo did not explicitly state the intention to withdraw the petition, but the intention of the parties was to withdraw in view of the settlement memo. The memo was Dairy No 2024 dated 28.02.2024.

## Issues and analysis

### Issue 1: Whether the Tribunal can dispose of a company petition as withdrawn based on a settlement memo, …

**Ratio:** The Tribunal has the discretion to treat a memo as a memo of withdrawal and dispose of

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**Reasoning:** The court reasoned that the intention of the parties to withdraw the petition could be

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**Interpretation:** This case interprets the Tribunal's power to dispose of matters based on the

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**Application:** In this specific case, the existence of a settlement memo, combined with the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s. ABL Infrastru…
- **Respondents:** M/s. Universal…

## Timeline

- **2024-03-01 — Hearing…**: Hearing held on…
- **2024-02-28 — Date of…**: Date of the memo in…

## 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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