# In the matter of Era Realtors Private Limited C.P.(IB)-242(MB)-2021

> NCLT judgment dated 2021-04-15. Citation: TCN-2021-NCLT-02381. The case involves Platinum Communications Private Limited as the Operational Creditor and Era…

- **Court:** NCLT
- **Order date:** 15 Apr 2021
- **Citation:** TCN-2021-NCLT-02381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/era-realtors-private-limited-cpib-242mb-2021-bf910474

## Summary

### Background

The case involves Platinum Communications Private Limited as the Operational Creditor and Era Realtors Private Limited as the Corporate Debtor. Platinum Communications Private Limited filed a petition under Section 9 of the IBC 2016. The Operational Creditor received a payment of Rs. 37,22,716/- from the Corporate Debtor.

## Facts

Platinum Communications Private Limited (Operational Creditor) initiated proceedings against Era Realtors Private Limited (Corporate Debtor) under Section 9 of the IBC 2016. The basis for the petition was an operational debt. On 2021-03-17, the Operational Creditor received Rs. 37,22,716/- from the Corporate Debtor, which included Rs 1,05,471 as TDS, representing the principal amount towards the operational debt. Subsequently, the Operational Creditor filed a memo of withdrawal dated 2021-04-12, seeking to withdraw the petition due to the payment received. The counsel for the petitioner, Ms. Ankita Aparna, was present and submitted the withdrawal request. The NCLT then dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor can be dismissed as withdrawn based on the …

**Ratio:** A petition can be dismissed as withdrawn when the Operational Creditor files a memo of

…

**Reasoning:** The court reasoned that since the Operational Creditor received the principal amount of

…

**Interpretation:** This interpretation allows for the withdrawal of petitions when the underlying

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**Application:** In this specific case, the Operational Creditor, Platinum Communications

…

## Parties

- **Judges:** SH. CHANDRA BHAN…; SUCHITRAKAN…
- **Appellants:** Platinum Communica…
- **Respondents:** Era Realtors…

## Timeline

- **2021-03-17 — Payment Re…**: Platinum Communications Private Limited received Rs. 37,22,716/- from Era Realtors…
- **2021-04-12 — Memo of Withdra…**: Platinum Communications Private…

## 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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