# In the matter of Upal Buildtech Pvt. Ltd. IB-806-ND-2021

> NCLT judgment dated 2023-02-27. Citation: TCN-2023-NCLT-04443. The case involves a petition bearing CP No. IB-806/ND/2021 filed under Section 7 of the…

- **Court:** NCLT
- **Order date:** 27 Feb 2023
- **Citation:** TCN-2023-NCLT-04443
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/upal-buildtech-pvt-ltd-ib-806-nd-2021-6c844439

## Summary

### Background

The case involves a petition bearing CP No. IB-806/ND/2021 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The parties reached a settlement, leading to a joint application (IA/1207/2023) seeking withdrawal of the petition. An order dated 30.01.2023 passed by the Tribunal in the petition was challenged before the NCLAT in Company Appeal (AT) (Insolvency) No. 192 of 2023. The NCLAT, in its order dated 20.02.2023, acknowledged the settlement submissions.

## Facts

Bank of Baroda filed an insolvency petition (CP No. IB-806/ND/2021) against Upal Buildtech Pvt. Ltd. under Section 7 of the IBC. An order was passed by the Tribunal on 2023-01-30. This order was challenged before the NCLAT. Subsequently, the parties reached a settlement. A joint application (IA/1207/2023) was filed seeking withdrawal of the petition. The NCLAT acknowledged the settlement in its order dated 2023-02-20. The Tribunal considered the submissions and allowed the withdrawal of the petition, leading to the closure of the CIR process and the discharge of the IRP. The key fact is the settlement between the parties, which formed the basis for the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the Tribunal should permit the withdrawal of the insolvency petition (CP No. …

**Ratio:** The legal principle is that a petition under Section 7 of the IBC can be withdrawn if the

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**Reasoning:** The Tribunal reasoned that the parties had arrived at a settlement, and the NCLAT had

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**Interpretation:** This issue involves the interpretation of Section 7 of the IBC and related

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** Bank of B…
- **Respondents:** Upal Buildtech…; M/s. Upal…
- **Advocates:** Sougat…; Manoj K…; +3 more

## Timeline

- **2023-01-30 — Tribunal…**: Tribunal passed an order in the…
- **2023-02-20 — NCLAT Or…**: Hon'ble NCLAT took note of the submissions made by the parties that the settlement has…

## 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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