# In the matter of Bhala Finance Pvt Ltd., Vs. Sokhal Dream Builder LLP IA No. 428-JPR-2019 in CP No. (IB)-l 13-7-JPR-2019

> NCLT judgment dated 2019-12-11. Citation: TCN-2019-NCLT-00240. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 11 Dec 2019
- **Citation:** TCN-2019-NCLT-00240
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhala-finance-pvt-ltd-vs-sokhal-dream-builder-llp-ia-no-428-jpr-2019-in-cp-no-69e1221e

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. An application under Section 12(a) read with Regulation 30(a) of IBBI Regulations was filed by the counsel for the Resolution Professional seeking withdrawal of the application.

## Facts

M/s Bhala Finance Pvt. Ltd. filed an application under Section 7 of the IBC, 2016 against M/s Sokhal Dream Builder LLP. Subsequently, an application under Section 12(a) read with Regulation 30(a) of IBBI Regulations was filed by the counsel for the Resolution Professional seeking withdrawal of the initial application. This withdrawal request was supported by a letter dated 28.11.2019 from the director of the Financial Creditor/Applicant. The court considered the withdrawal application and disposed of the matter.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the initial application filed under Section 7 of the IBC, …

**Ratio:** The legal principle applied is the court's discretion to allow the withdrawal of an

…

**Reasoning:** The court reasoned that the withdrawal application was supported by a letter from the

…

**Interpretation:** The interpretation involves understanding the provisions of Section 7 of the

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** P.S.N. P…; RAGHU N…; +1 more
- **Appellants:** M/s Bhala Finance…
- **Respondents:** M/s Sokhal Dream…

## Timeline

- **2019-11-08 — Order Da…**: An order was issued, and the update on developments in compliance with this order was…
- **2019-11-28 — Letter from Financial…**: A letter was written by the director of the Financial Creditor/Applicant expressing their…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/bhala-finance-pvt-ltd-vs-sokhal-dream-builder-llp-ia-no-428-jpr-2019-in-cp-no-69e1221e