NCLAT : In Gaurav Pandey vs. Eternity Investment Services Pvt. Ltd. & Anr.

Since the parties have reached for settlement much prior to the date of admission of application under Section 7, so there been no default on the date of admission, Financial Creditor can withdraw the application as well as the petition can be dismissed by Tribunal.

There was no default of payment on the part of the appellant as on 13th November, 2018 and thereby no occasion for the National Company Law Tribunal, Chandigarh Bench, Chandigarh to admit the application under Section 7 as in view of the settlement, parties have paid the fees and insolvency cost to the ‘Resolution Professional’ and there is no more claim to be paid by the parties.

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