# In the matter of AYG Reality Private Limited  C.P.(IB)-1057(MB)/2020

> NCLT judgment dated 2021-02-18. Citation: TCN-2021-NCLT-03011. The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 18 Feb 2021
- **Citation:** TCN-2021-NCLT-03011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ayg-reality-private-limited-cpib-1057mb2020-c2058b37

## Summary

### Background

The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The counsel for the petitioner has submitted that they have received the entire amount due as claimed in the petition and hence seeks to withdraw the petition. The counsel also stated that the TDS Certificate may be furnished by the Corporate Debtor upon the payment of TDS.

## Facts

The petitioner, Ashok Deorah HUF, filed a petition against AYG Reality Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The counsel for the petitioner submitted that the entire amount due as claimed in the petition has been received. Consequently, the petitioner sought to withdraw the petition. The counsel also mentioned that the TDS Certificate may be furnished by the Corporate Debtor upon the payment of TDS. The court then dismissed the petition as not pressed.

## Issues and analysis

### Issue 1: Whether the petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 should be …

**Ratio:** When a petitioner states that the entire amount due has been received and seeks to

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**Reasoning:** The court reasoned that since the petitioner received the entire amount claimed and

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**Interpretation:** This interpretation aligns with the principle that courts should not adjudicate

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**Application:** In this case, the petitioner's counsel's statement that the entire amount was

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## Parties

- **Judges:** Chandra Bha…; SUCHITRAKAN…
- **Appellants:** Ashok Deor…
- **Respondents:** AYG Reality…

## Timeline

- **2021-02-18 — Order Da…**: The National Company Law Tribunal, Mumbai Bench, dismissed the petition as not pressed…

## 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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