# In the matter of Avantha Holdings Pvt. Ltd. (IB)-850(PB)-2020

> NCLT judgment dated 2020-10-27. Citation: TCN-2020-NCLT-00330. The case involves a petition filed by Housing development Finance Corporation Ltd. against…

- **Court:** NCLT
- **Order date:** 27 Oct 2020
- **Citation:** TCN-2020-NCLT-00330
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/avantha-holdings-pvt-ltd-ib-850pb-2020-5d61ca1b

## Summary

### Background

The case involves a petition filed by Housing development Finance Corporation Ltd. against Avantha Holdings Ltd. under Section 7 of the Insolvency & Bankruptcy Code. The petition was presented before the National Company Law Tribunal (NCLT), New Delhi.

## Facts

Housing development Finance Corporation Ltd. filed a petition against Avantha Holdings Ltd. under Section 7 of the Insolvency & Bankruptcy Code. The petitioner's counsel subsequently requested the dismissal of the petition. The NCLT, Principal Bench, New Delhi, granted the request and dismissed the petition as withdrawn. The order was delivered on October 27, 2020.

## Issues and analysis

### Issue 1: Whether the petition filed by Housing development Finance Corporation Ltd. against Avantha Holdings …

**Ratio:** A petitioner has the right to withdraw a petition filed before a court or tribunal, and

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**Reasoning:** The NCLT accepted the request made by the petitioner's counsel to dismiss the petition.

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**Interpretation:** This case interprets the procedural aspect of withdrawing a petition under the

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**Application:** In this specific case, the petitioner, Housing development Finance Corporation

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## Parties

- **Judges:** B.S.V. Prakash…; HEMANT KUMAR…
- **Appellants:** Housing Developmen…
- **Respondents:** Avantha Holdings…

## Timeline

- **2020-10-27 — Order Del…**: The NCLT dismissed the petition filed by Housing development Finance Corporation Ltd.…

## 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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