# 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-02440. 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-02440
- **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-e3f6018e

## 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. The reason for the withdrawal is that the issue involved has been amicably settled out of court between the parties.

## Facts

Priti Piyush Shah & Anr filed a Company Petition (CP (IB) No. 3772/MB/2019) against Vedarambh Properties LLP. The creditor and debtor filed a joint application (IA 1221/2022) seeking permission to withdraw the main Company Petition. The reason for the withdrawal was that the entire amount of Rs. 1,82,46,930 claimed in the petition had been paid by the debtor, Vedarambh Properties LLP, to the creditor, Priti Piyush Shah & Anr. Both parties agreed that the matter had been amicably settled out of court, and there was no reason to continue with the settlement. The key fact is the full payment of the debt, leading to the amicable settlement and subsequent withdrawal request.

## Issues and analysis

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

**Ratio:** When a debt is fully paid and the parties have reached an amicable settlement, the court

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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:** The interpretation is that the court recognizes the principle of allowing

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

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## Parties

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

## Timeline

- **2019-01-01 — Company Petiti…**: CP (IB) No. 3772/MB/2019…
- **2022-06-03 — Hearing…**: Order sheet of the…

## 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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