# In the matter of Cosmopolitan Technofab Textiles Pvt. Ltd. (IB)-1578(PB)-2018

> NCLT judgment dated 2019-02-06. Citation: TCN-2019-NCLT-04993. The case involves an application filed by L&T Housing Finance Ltd. under Section 7 of the…

- **Court:** NCLT
- **Order date:** 6 Feb 2019
- **Citation:** TCN-2019-NCLT-04993
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cosmopolitan-technofab-textiles-pvt-ltd-ib-1578pb-2018-95a9e265

## Summary

### Background

The case involves an application filed by L&T Housing Finance Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Cosmopolitan Technofab Textiles Pvt Ltd. The applicant/petitioner sought initiation of the corporate insolvency resolution process against the respondent.

## Facts

L&T Housing Finance Ltd. filed a petition against Cosmopolitan Technofab Textiles Pvt Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner's counsel stated that they had instructions to withdraw the petition. Consequently, the NCLT dismissed the petition as withdrawn. The key fact is the petitioner's voluntary withdrawal of the petition, leading to its dismissal.

## Issues and analysis

### Issue 1: Whether the petition filed by L&T Housing Finance Ltd. under Section 7 of the Insolvency and …

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

…

**Reasoning:** The court accepted the statement of the petitioner's counsel that they had instructions

…

**Interpretation:** The legal interpretation is that a party initiating legal proceedings has the

…

**Application:** In this case, the petitioner, L&T Housing Finance Ltd., exercised its right

…

## Parties

- **Judges:** M. M. K…; Pradeep R.…
- **Appellants:** L&T Housing…
- **Respondents:** Cosmopolitan…
- **Advocates:** Sandeep V…; Vaibhav…; +1 more

## Timeline

- **2018-01-01 — Case Fil…**: Item No. 102 (IB)-1578(PB…
- **2019-02-06 — Order Del…**: The order was delivered…

## 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)

---

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/cosmopolitan-technofab-textiles-pvt-ltd-ib-1578pb-2018-95a9e265