# 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-00367. The case involves a petition filed by Premier Auto Finance Ltd. against AMS Trading &…

- **Court:** NCLT
- **Order date:** 25 Sept 2017
- **Citation:** TCN-2017-NCLT-00367
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ams-trading-and-investment-pvt-ltd-tcp-no-392-mah-2017-d32ab016

## Summary

### Background

The case involves a petition filed by Premier Auto Finance Ltd. 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 then sought to withdraw the petition, stating they wished to withdraw the petition 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. The court permitted the withdrawal and disposed of the petition.

## 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, provided it does not

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**Application:** The petitioner's request to withdraw the petition was granted, and the petition

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## Parties

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

## Timeline

- **2017-09-14 — Hon'ble Bench D…**: The Hon'ble Bench gave…
- **2017-09-25 — Hearing and…**: The court heard the matter and allowed the petitioner to withdraw the petition. The…

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