# In the matter of Abhijit Realtors & Infraventures Pvt. Ltd. CP(IB)-706(MB)-2020

> NCLT judgment dated 2021-07-16. Citation: TCN-2021-NCLT-01704. The case involves Shreeji Blocks Pvt. Ltd. as the petitioner against Abhijit Realtors &…

- **Court:** NCLT
- **Order date:** 16 Jul 2021
- **Citation:** TCN-2021-NCLT-01704
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abhijit-realtors-infraventures-pvt-ltd-cpib-706mb-2020-c053aae9

## Summary

### Background

The case involves Shreeji Blocks Pvt. Ltd. as the petitioner against Abhijit Realtors & Infraventures Pvt. Ltd. The petitioner sought to withdraw the petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Shreeji Blocks Pvt. Ltd. filed a petition against Abhijit Realtors & Infraventures Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner, Shreeji Blocks Pvt. Ltd., received Rs. 8 lakh towards a full and final settlement from the respondent, Abhijit Realtors & Infraventures Pvt. Ltd. Subsequently, the petitioner sought to withdraw the petition from the court. The court then dismissed the petition as not pressed.

## Issues and analysis

### Issue 1: Whether the petitioner can withdraw the …

**Ratio:** A petitioner is generally allowed to withdraw a petition if they no longer wish to pursue

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**Reasoning:** The court allowed the withdrawal because the petitioner's counsel submitted that a

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

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**Application:** Since Shreeji Blocks Pvt. Ltd. received a settlement amount of Rs. 8 lakh, the

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## Parties

- **Judges:** RAJESH S…; SUCHITRAKAN…
- **Appellants:** Shreeji Blocks…
- **Respondents:** Abhijit Realtors…

## Timeline

- **2021-07-16 — Hearing…**: Order sheet of the…
- **N/A — Settleme…**: Petitioner received Rs. 8 lakh…

## 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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