# In the matter of Dhanalakshmi Srinivasan  Builders Pvt. Ltd. IBA-292-2020

> NCLT judgment dated 2021-03-03. Citation: TCN-2021-NCLT-02836. The case involves a petition filed by the Petitioner/Financial Creditor. The Petitioner sought…

- **Court:** NCLT
- **Order date:** 3 Mar 2021
- **Citation:** TCN-2021-NCLT-02836
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhanalakshmi-srinivasan-builders-pvt-ltd-iba-292-2020-0872ba3c

## Summary

### Background

The case involves a petition filed by the Petitioner/Financial Creditor. The Petitioner sought withdrawal of the petition, which was filed vide Diary No. 510 dated 2021-01-28.

## Facts

The Petitioner/Financial Creditor filed a petition, which was later sought to be withdrawn. The Petitioner's counsel represented that a memo seeking withdrawal had been filed, dated 2021-01-28. The court noted that no one appeared for the Corporate Debtor. The Petitioner requested that the petition be dismissed as withdrawn. The court granted liberty to initiate fresh proceedings against the Corporate Debtor if it fails to honor its commitments under the settlement. The court then dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as …

**Ratio:** A petitioner has the right to withdraw a petition, and the court has the discretion to

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**Reasoning:** The court considered the representation made by the Petitioner's counsel and the memo

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**Interpretation:** The legal principle is that a party can withdraw a petition, and the court can

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**Application:** The Petitioner requested withdrawal, and the court, considering the

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** K.Muralidharan…
- **Respondents:** Dhanalakshmi…

## Timeline

- **2021-01-28 — Memo of Withdra…**: The Petitioner/Financial Creditor filed a memo seeking withdrawal of the Petition vide…
- **2021-03-03 — Hearing…**: The National Company Law Tribunal, Chennai Bench, held a hearing via video conferencing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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