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

> NCLT judgment dated 2023-02-27. Citation: TCN-2023-NCLT-04447. 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-04447
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/upal-buildtech-pvt-ltd-ib-806-nd-2021-9668677a

## 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, and a joint application (IA/1207/2023) was filed 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, took note of the submissions regarding the settlement.

## Facts

Bank of Baroda filed a 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 took note of the settlement in its order dated 2023-02-20. The parties sought to withdraw the petition under Section 12A read with Regulation 30A. The Adjudicating Authority had granted liberty to the parties to move an appropriate application. The Tribunal considered the submissions of the parties and allowed the withdrawal of the petition, leading to the closure of the CIRP and the discharge of the IRP.

## Issues and analysis

### Issue 1: Whether the Petitioner should be permitted to withdraw the petition bearing CP No. IB-806/ND/2021 …

**Ratio:** The legal principle applied is that parties are generally allowed to settle disputes and

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**Reasoning:** The court reasoned that since the parties had arrived at a settlement and the NCLAT had

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**Interpretation:** This involves interpreting Section 12A of the IBC, which allows for withdrawal

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

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** Bank of B…
- **Respondents:** Upal Buildtech…; M/s. Upal…

## 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 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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