# In the matter of AMS Trading and Investment Pvt. Ltd. T.C.P. No. 392-(MAH)-2017

> NCLT judgment dated 2017-09-25. Citation: TCN-2017-NCLT-00371. Premier Auto Finance Ltd. filed a petition against AMS Trading & Investment Pvt. Ltd. under the…

- **Court:** NCLT
- **Order date:** 25 Sept 2017
- **Citation:** TCN-2017-NCLT-00371
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ams-trading-and-investment-pvt-ltd-tcp-no-392-mah-2017-5735d1fe

## Summary

### Background

Premier Auto Finance Ltd. filed a petition against AMS Trading & Investment Pvt. Ltd. under the I&BP Code 2016. The petitioner sought to withdraw the petition.

## Facts

Premier Auto Finance Ltd. filed a petition against AMS Trading & Investment Pvt. Ltd. under the I&BP Code 2016. The petitioner sought to withdraw the petition, stating that they wished to withdraw the aforementioned Petition TCP No. 392 of 2017 as per directions given by the Hon'ble Bench on 14 September 2017. The petitioner also sought the liberty to file a fresh petition against the Respondent as a financial creditor under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), Rules, 2016. The court allowed the withdrawal.

## Issues and analysis

### Issue 1: Whether the petitioner should be …

**Ratio:** A petitioner is generally allowed to withdraw a petition if they so desire, especially

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**Reasoning:** The court noted that the petitioner was withdrawing the petition suo moto. Under the

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**Interpretation:** The right to withdraw a petition is generally recognized, subject to the

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**Application:** The court applied the principle by allowing Premier Auto Finance Ltd. to

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## Parties

- **Judges:** M.K. Sh…; Bhaskara Pantula…
- **Appellants:** Premier Auto…
- **Respondents:** AMS Trading &…

## Timeline

- **2017-09-14 — Hon'ble Bench D…**: The Hon'ble Bench gave…
- **2017-09-25 — Order Da…**: The court disposed of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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