The case involves an application (IA-3817/ND/2021) filed by the Financial Creditor under Rule 11 seeking to withdraw the application (IB-176/ND/2021) filed under Section 7 of the IBC. The applicant, Indiabulls Housing Finance Ltd., sought to withdraw its application against the respondent, AmbienceCommercial Developers Pvt. Ltd.
Indiabulls Housing Finance Ltd. filed an application under Section 7 of the IBC against AmbienceCommercial Developers Pvt. Ltd. Subsequently, Indiabulls Housing Finance Ltd. filed IA-3817/ND/2021 under Rule 11 seeking to withdraw the initial application (IB-176/ND/2021). Mr. Datta, the learned Sr. Counsel for the Applicant, stated that they were instructed to apply for withdrawal and requested the liberty to initiate proceedings in case of further default by the Corporate Debtor. The court granted the requested liberty.
Sign in to view the parties.
Order delivere…
Sign in to view related legal provisions.
The case involves an application (IA-3817/ND/2021) filed by the Financial Creditor under Rule 11 seeking to withdraw the application (IB-176/ND/2021) filed under Section 7 of the IBC. The applicant, Indiabulls Housing Finance Ltd., sought to withdraw its application against the respondent, AmbienceCommercial Developers Pvt. Ltd.
Indiabulls Housing Finance Ltd. filed an application under Section 7 of the IBC against AmbienceCommercial Developers Pvt. Ltd. Subsequently, Indiabulls Housing Finance Ltd. filed IA-3817/ND/2021 under Rule 11 seeking to withdraw the initial application (IB-176/ND/2021). Mr. Datta, the learned Sr. Counsel for the Applicant, stated that they were instructed to apply for withdrawal and requested the liberty to initiate proceedings in case of further default by the Corporate Debtor. The court granted the requested liberty.
Order delivere…
Sign in to view related legal provisions.