# In the matter of DLF Universal Limited CP (IB) No. 378-Chd-Hry-2018

> NCLT judgment dated 2018-12-04. Citation: TCN-2018-NCLT-00203. The case involves a petition filed by Naresh Goel and Suman Goel, financial creditors, against…

- **Court:** NCLT
- **Order date:** 4 Dec 2018
- **Citation:** TCN-2018-NCLT-00203
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dlf-universal-limited-cp-ib-no-378-chd-hry-2018-5367e2bc

## Summary

### Background

The case involves a petition filed by Naresh Goel and Suman Goel, financial creditors, against DLF Universal Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor's counsel informed the court that the real estate business pertaining to the claim made by the petitioner has been demerged into DLF Home Developers Limited. The respondent's counsel also presented judgments from the High Court of Punjab and Haryana, and the High Court of Delhi, in support of their contention.

## Facts

Naresh Goel and Suman Goel, residing at B-77, Antriksh Apartment, Sector 14, Rohini, Delhi- 110085, filed a petition as financial creditors against DLF Universal Limited, located in Haryana. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the respondent-corporate debtor's counsel informed the court that the real estate business related to the petitioner's claim had been demerged into DLF Home Developers Limited. The respondent's counsel also presented judgments from the High Court of Punjab and Haryana, and the High Court of Delhi. The petitioner then sought to withdraw the petition, which the court allowed.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to withdraw the instant petition with liberty to file a …

**Ratio:** A party is generally allowed to withdraw a petition if there is a valid reason and it

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**Reasoning:** The court considered the submissions made by the respondent's counsel, including the

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**Interpretation:** The interpretation involves the court's power to allow withdrawal of a

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**Application:** In this case, the court applied the principle by allowing the petitioner to

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Naresh…
- **Respondents:** DLF Universal…

## Timeline

- **2016-03-29 — High Court J…**: Judgment dated 29.03.2016 passed by the Hon'ble High Court of Punjab and Haryana in…
- **2016-11-11 — High Court J…**: Judgment dated 11.11.2016 passed by Hon'ble…

## 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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