# In the matter of Air Pegasus Private Limited CP (IB) No. 10-BB-2017

> NCLT judgment dated 2019-03-21. Citation: TCN-2019-NCLT-04375. The case involves a company petition, CP (IB) No. 10/BB/2017, filed by M/s. Flight Raja Travels…

- **Court:** NCLT
- **Order date:** 21 Mar 2019
- **Citation:** TCN-2019-NCLT-04375
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/air-pegasus-private-limited-cp-ib-no-10-bb-2017-52214e94

## Summary

### Background

The case involves a company petition, CP (IB) No. 10/BB/2017, filed by M/s. Flight Raja Travels Private Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petitioner sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Air Pegasus Private Limited.

## Facts

M/s. Flight Raja Travels Private Limited, an operational creditor, filed a company petition (CP (IB) No. 10/BB/2017) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Air Pegasus Private Limited, the corporate debtor. The case was listed for hearing on multiple dates between April 3, 2017, and March 21, 2019. However, neither the petitioner nor their counsel appeared before the Tribunal on several occasions. Due to the petitioner's repeated absence, the case was posted for dismissal on March 21, 2019. On that date, no one appeared for the petitioner, leading the Tribunal to conclude that the petitioner was not interested in prosecuting the case. Consequently, the Tribunal

…

## Issues and analysis

### Issue 1: Whether the company petition CP (IB) No. 10/BB/2017 should be dismissed due to the petitioner's …

**Ratio:** A petition can be dismissed if the petitioner fails to appear and prosecute the case,

…

**Reasoning:** The Tribunal noted that the petitioner and their counsel were repeatedly absent on the

…

**Interpretation:** The legal principle is that a party initiating legal proceedings has a

…

**Application:** In this case, the petitioner's repeated absence led the Tribunal to conclude

…

## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s. Flight Raja…
- **Respondents:** M/s Air Pegasus…

## Timeline

- **2017-04-03 — Hearing…**: Case listed for…
- **2017-04-13 — Hearing…**: Case listed for…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/air-pegasus-private-limited-cp-ib-no-10-bb-2017-52214e94