# In the matter of Virgo Buildestate Pvt. Ltd. CP No. (IB)-92-9-JPR-2020

> NCLT judgment dated 2022-04-22. Citation: TCN-2022-NCLT-03117. The case involves Shri Manish Kumar Jain Prop. R.K. Sales Agencies (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 22 Apr 2022
- **Citation:** TCN-2022-NCLT-03117
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/virgo-buildestate-pvt-ltd-cp-no-ib-92-9-jpr-2020-f91374cd

## Summary

### Background

The case involves Shri Manish Kumar Jain Prop. R.K. Sales Agencies (Operational Creditor) versus Virgo Buildestate Pvt. Ltd. (Corporate Debtor). The matter was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

## Facts

Shri Manish Kumar Jain Prop. R.K. Sales Agencies, the Operational Creditor, filed a Corporate Petition (CP No. (IB)-92/9/JPR/2020) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Virgo Buildestate Pvt. Ltd., the Corporate Debtor. During the proceedings, the parties reached a settlement, and a settlement agreement was filed with the NCLT. The Operational Creditor then sought to withdraw the CP, reserving the right to revive it if the Corporate Debtor breaches the settlement terms. The NCLT Jaipur Bench considered the settlement and granted permission for withdrawal, leading to the dismissal of the CP.

## Issues and analysis

### Issue 1: Whether the Corporate Petition filed under Section 9 of the IBC can be withdrawn based on a …

**Ratio:** A Corporate Petition filed under Section 9 of the IBC can be withdrawn if the parties

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**Reasoning:** The NCLT considered the submission that the matter had been settled and a settlement

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**Interpretation:** This reflects the principle that parties are generally free to settle their

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**Application:** In this case, the NCLT applied this principle by allowing the withdrawal of the

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** Manish Kumar Jain…
- **Respondents:** Virgo Buildestate…

## Timeline

- **2020-01-01 — CP Filed…**: CP No. (IB)-92/9/JPR/2020 filed…
- **2022-04-22 — Order Da…**: Order passed by NCLT Jaipur Bench…

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