# In the matter of Vedarambh Properties LLP IA 1221-2022 in C.P. (IB) 3772-MB-2019

> NCLT judgment dated 2022-06-03. Citation: TCN-2022-NCLT-02451. The case involves an application (IA 1221/2022) filed in connection with a Company Petition (CP…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-02451
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vedarambh-properties-llp-ia-1221-2022-in-cp-ib-3772-mb-2019-8a9f04bd

## Summary

### Background

The case involves an application (IA 1221/2022) filed in connection with a Company Petition (CP (IB) No. 3772/MB/2019). The creditor and debtor jointly filed an affidavit seeking permission to withdraw the main Company Petition, stating that the issue had been amicably settled out of court.

## Facts

Priti Piyush Shah & Anr filed a Company Petition (CP (IB) No. 3772/MB/2019) against Vedarambh Properties LLP. The creditor and debtor jointly filed an application (IA 1221/2022) seeking permission to withdraw the main Company Petition, stating that the issue had been amicably settled out of court. The entire amount claimed in the petition, Rs. 1,82,46,930, has been paid by the debtor to the creditor. The counsels for both parties agreed that there was no reason to continue with the settlement terms. The court allowed the withdrawal of the main Company Petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition CP (IB) No. 3772/MB/2019 should be …

**Ratio:** The legal principle applied here is that if the parties to a dispute have reached an

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**Reasoning:** The court reasoned that since the entire amount claimed in the petition had been paid by

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**Interpretation:** This interpretation aligns with the objective of the Insolvency and Bankruptcy

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**Application:** In this specific case, the ratio and reasoning were applied to the facts

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## Parties

- **Judges:** K.K. V…; P.N. Des…
- **Appellants:** Priti Piyush Shah…
- **Respondents:** Vedarambh…
- **Advocates:** Bharat…; Shakeeb S…

## Timeline

- **2019-01-01 — Filing of Company…**: Company Petition CP (IB)…
- **2022-06-03 — Hearing…**: Order sheet of the…

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