# In the matter of Wadhwa Construction Infrastructure Pvt. Ltd. IA 423-2022 in CP (IB) 803-MB-2020

> NCLT judgment dated 2022-03-03. Citation: TCN-2022-NCLT-03906. The case involves an application (IA 423/2022) filed in connection with a Company Petition (CP…

- **Court:** NCLT
- **Order date:** 3 Mar 2022
- **Citation:** TCN-2022-NCLT-03906
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wadhwa-construction-infrastructure-pvt-ltd-ia-423-2022-in-cp-ib-803-mb-2020-97952d97

## Summary

### Background

The case involves an application (IA 423/2022) filed in connection with a Company Petition (CP (IB) 803/MB/2020) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The applicant, the original operational creditor, sought permission to withdraw the Company Petition due to consent terms agreed upon between the parties. The applicant also requested liberty to revive the petition if the corporate debtor breaches the consent terms.

## Facts

Super Highway Labs Pvt. Ltd., the applicant and original operational creditor, filed a Company Petition CP (IB) 803 of 2020 against Wadhwa Constructions Infrastructure Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. Subsequently, the parties entered into consent terms, leading the applicant to file IA 423 of 2022 seeking permission to withdraw the Company Petition. The applicant also requested the court to grant liberty to revive the petition if the corporate debtor defaults on the consent terms. The consent terms were placed on record and found to be duly signed by the authorized signatories of both parties. The key fact is the existence of consent terms, which formed the basis for the applicant's request to withdraw the

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## Issues and analysis

### Issue 1: Whether the applicant should be allowed to withdraw the Company Petition CP (IB) 803 of 2020 given …

**Ratio:** When parties enter into consent terms and agree to settle a dispute, courts generally

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**Reasoning:** The court reasoned that the consent terms represented a mutual agreement between the

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**Interpretation:** This issue involves the interpretation of the court's power to allow withdrawal

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**Application:** In this specific case, the court applied the ratio by allowing the applicant to

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## Parties

- **Judges:** K.K. V…; P.N. Des…
- **Appellants:** Super Highway…
- **Respondents:** Wadhwa Constructio…
- **Advocates:** Sajal…; Anulata Sau…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition CP (IB) 803/MB/2020 filed under Section 9 of the Insolvency & Bankruptcy…
- **2022-03-03 — Hearing…**: Order sheet of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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