# 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-03911. The case involves an application (IA 423 of 2022) filed for permission to withdraw a Company…

- **Court:** NCLT
- **Order date:** 3 Mar 2022
- **Citation:** TCN-2022-NCLT-03911
- **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-d299fdd8

## Summary

### Background

The case involves an application (IA 423 of 2022) filed for permission to withdraw a Company Petition (CP (IB) 803 of 2020) filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, against the non-applicant (Corporate Debtor). The applicant sought withdrawal based on consent terms entered into between the parties and requested liberty to revive the petition if the Corporate Debtor breaches the consent terms.

## Facts

Super Highway Labs Pvt. Ltd. filed a Company Petition (CP (IB) 803 of 2020) under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Wadhwa Constructions Infrastructure Pvt. Ltd. Subsequently, Super Highway Labs Pvt. Ltd. filed an application (IA 423 of 2022) seeking permission to withdraw the Company Petition based on consent terms agreed upon between the parties. The applicant requested that they be allowed to revive the petition if Wadhwa Constructions Infrastructure Pvt. Ltd. defaults on the consent terms. The court reviewed the consent terms, which were signed by authorized signatories of both parties.

## Issues and analysis

### Issue 1: Whether the application (IA 423 of 2022) for withdrawal of the Company Petition (CP (IB) 803 of …

**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 were placed on record and found to be duly

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**Interpretation:** This issue involves the interpretation of the principle of upholding

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**Application:** The court applied the ratio by acknowledging the consent terms between Super

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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 of 2020 filed under Section 9 of the Insolvency & Bankruptcy…
- **2022-03-03 — Hearing…**: Order sheet of the…

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