# In the matter of Future Lifestyle Fashions Limited C.P.(IB)-1243(MB)-2020

> NCLT judgment dated 2021-03-03. Citation: TCN-2021-NCLT-02845. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 3 Mar 2021
- **Citation:** TCN-2021-NCLT-02845
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/future-lifestyle-fashions-limited-cpib-1243mb-2020-a2f6eadb

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner sought initiation of corporate insolvency resolution process against the corporate debtor. The court convened through video conference.

## Facts

Lovable Lingerie Limited filed a petition against Future Lifestyle Fashions Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner's counsel, Ms. Shraddha Swarup, filed a withdrawal memo seeking withdrawal of the company petition due to a settlement arrived at between the parties. Ms. Nisha Kaba was the counsel for the respondent/corporate debtor. The court convened through video conference. The petitioner requested the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition can be dismissed as withdrawn if the petitioner requests such withdrawal,

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**Reasoning:** The court reasoned that since the petitioner, who initiated the proceedings, has

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**Interpretation:** The interpretation is that the court has the discretion to allow the withdrawal

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**Application:** In this specific case, the petitioner, Lovable Lingerie Limited, sought to

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## Parties

- **Judges:** RAJESH S…; SUCHITRA KANUPARTH…; +1 more
- **Appellants:** Lovable Lingerie…
- **Respondents:** Future Lifestyle…

## Timeline

- **2021-03-03 — Hearing…**: Order sheet of the…

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