# In the matter of Goldstar Impex Pvt. Ltd. (IB)-427(PB)-2019

> NCLT judgment dated 2020-09-02. Citation: TCN-2020-NCLT-00731. The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 2 Sept 2020
- **Citation:** TCN-2020-NCLT-00731
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/goldstar-impex-pvt-ltd-ib-427pb-2019-1f050ae6

## Summary

### Background

The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). An urgent hearing application (IA-3444/2020) and a withdrawal application (IA-1282/2020) were filed. The Company Petition (IB)-427(PB)/2019 was initiated.

## Facts

Bharat Gupta filed an application/petition against Goldstar Impex Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code (IBC). An urgent hearing application (IA-3444/2020) and a withdrawal application (IA-1282/2020) were filed. The withdrawal application was filed under Section 12A of the IBC. The court noted that the withdrawal application complied with the procedure laid down under the IBC. The Company Petition (IB)-427(PB)/2019 was subsequently dismissed as withdrawn. The key fact is the compliance of the withdrawal application with IBC procedure, leading to the dismissal of the main petition.

## Issues and analysis

### Issue 1: Whether the urgent hearing application …

**Ratio:** The court has the discretion to allow urgent hearing applications based on the

…

**Reasoning:** The court, upon review, found sufficient

…

**Interpretation:** Urgent hearing applications are assessed based on the urgency and relevance of

…

**Application:** The court allowed the application, indicating that the matter warranted

…

## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** Bharat…
- **Respondents:** Goldstar Impex…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition…
- **2020-09-02 — Order Del…**: Order delivered on 02.09.2020, allowing IA-3444/2020 and IA-1282/2020, and dismissing…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/goldstar-impex-pvt-ltd-ib-427pb-2019-1f050ae6