# In the matter of Bigline Trading Company Pvt. Ltd. C.P. (IB)-279(MB)-2018

> NCLT judgment dated 2018-12-11. Citation: TCN-2018-NCLT-00127. The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 11 Dec 2018
- **Citation:** TCN-2018-NCLT-00127
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bigline-trading-company-pvt-ltd-cp-ib-279mb-2018-9c3e8ce5

## Summary

### Background

The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor sought to withdraw the petition with the liberty to file it afresh.

## Facts

SREI Infrastructure Finance Ltd. filed a petition against Bigline Trading Com Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, SREI Infrastructure Finance Ltd., sought leave of the court to withdraw the petition with the liberty to file it afresh. The court allowed the withdrawal, and the petition was dismissed with liberty to file afresh.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be granted leave to withdraw the petition with the liberty to …

**Ratio:** A Financial Creditor can withdraw a petition filed under Section 7 of the Insolvency and

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**Reasoning:** The court considered the request of the Financial Creditor's counsel and found it

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**Interpretation:** The interpretation is that the court has the discretion to allow the withdrawal

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

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Srei Infrastructur…
- **Respondents:** BIGLINE TRADING…

## Timeline

- **2018-12-11 — Order Da…**: Order sheet of the hearing of Mumbai Bench…

## 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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