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

> NCLT judgment dated 2019-02-06. Citation: TCN-2019-NCLT-04997. The case involves an application filed by L&T Housing Finance Ltd. against Cosmopolitan…

- **Court:** NCLT
- **Order date:** 6 Feb 2019
- **Citation:** TCN-2019-NCLT-04997
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cosmopolitan-technofab-textiles-pvt-ltd-ib-1578pb-2018-f28dee26

## Summary

### Background

The case involves an application filed by L&T Housing Finance Ltd. against Cosmopolitan Technofab Textiles Pvt Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant 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, L&T Housing Finance Ltd., sought to initiate the corporate insolvency resolution process against the respondent, Cosmopolitan Technofab Textiles Pvt Ltd. During the proceedings, the counsel for the petitioner stated that they had instructions to withdraw the petition. Consequently, the court dismissed the petition as withdrawn.

## Issues and analysis

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

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

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**Reasoning:** The court reasoned that since the petitioner's counsel stated they had instructions to

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**Interpretation:** The interpretation is that the court acknowledges the petitioner's right to

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**Application:** In this specific case, the petitioner, L&T Housing Finance Ltd., through

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## Parties

- **Judges:** M. M. K…; Pradeep R.…
- **Appellants:** L&T Housing…
- **Respondents:** Cosmopolitan…

## Timeline

- **2018-01-01 — Case Fil…**: Item No. 102 (IB)-1578(PB…
- **2019-02-06 — Order Del…**: The petition was dismissed as withdrawn based…

## 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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