# In the matter of Ashtavinayak Construction Projects Pvt. Ltd. C.P. (IB)-3529-(MB)-2018

> NCLT judgment dated 2019-06-10. Citation: TCN-2019-NCLT-02995. The case pertains to C.P. (IB)-3529/(MB)/2018 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 10 Jun 2019
- **Citation:** TCN-2019-NCLT-02995
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ashtavinayak-construction-projects-pvt-ltd-cp-ib-3529-mb-2018-72277d8b

## Summary

### Background

The case pertains to C.P. (IB)-3529/(MB)/2018 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor sought to withdraw the petition.

## Facts

Pande Iron Trading Company filed a petition against Ashtavinayak Construction Projects Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor, Pande Iron Trading Company, sought leave of the court to withdraw the petition. The court allowed the withdrawal.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can be granted leave to withdraw the petition filed under Section …

**Ratio:** The court has the discretion to allow the withdrawal of a petition if the circumstances

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**Reasoning:** The court allowed the withdrawal based on the counsel representing the Operational

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**Interpretation:** The interpretation is that the court can permit the withdrawal of a petition

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**Application:** In this case, the Operational Creditor sought to withdraw the petition, and the

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Pande Iron…
- **Respondents:** Ashtavinayak…

## Timeline

- **2019-06-10 — Hearing…**: Order sheet of the hearing of Mumbai Bench…

## 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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