# In the matter of Gujarat Livelihood Promotion Company Ltd. C.P. (I.B) No. 672-9-NCLT-AHM-2019

> NCLT judgment dated 2020-10-21. Citation: TCN-2020-NCLT-00357. The case pertains to C.P.(I.B) No. 672/NCLT/AHM/2019 before the National Company Law Tribunal,…

- **Court:** NCLT
- **Order date:** 21 Oct 2020
- **Citation:** TCN-2020-NCLT-00357
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gujarat-livelihood-promotion-company-ltd-cp-ib-no-672-9-nclt-ahm-2019-97cbaf89

## Summary

### Background

The case pertains to C.P.(I.B) No. 672/NCLT/AHM/2019 before the National Company Law Tribunal, Ahmedabad Bench. The matter involves Progility Trchnologies Pvt Ltd V/s Gujarat Livelihood Promotion Co Ltd. The Petitioner filed a withdrawal pursis to withdraw the instant petition.

## Facts

The case involves Progility Trchnologies Pvt Ltd as the applicant against Gujarat Livelihood Promotion Co Ltd. The applicant filed a petition under Section 9 of the Insolvency and Bankruptcy Code. Subsequently, the applicant filed a withdrawal pursis to withdraw the petition. The court allowed the withdrawal and dismissed the petition.

## Issues and analysis

### Issue 1: Whether the withdrawal of the insolvency petition filed under Section 9 of the Insolvency and …

**Ratio:** The court has the discretion to allow the withdrawal of a petition if it deems fit,

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**Reasoning:** The court allowed the withdrawal based on the withdrawal pursis filed by the petitioner's

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**Interpretation:** The interpretation is that a petitioner can withdraw an insolvency petition

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Manorama…
- **Appellants:** Progility…
- **Respondents:** Gujarat Livelihood…
- **Advocates:** Rushabh M…; Pooja…; +1 more

## Timeline

- **2020-10-21 — Hearing of Ahmedabad…**: Hearing of the National Company Law Tribunal, Ahmedabad Bench, where the petitioner's…
- **2020-10-21 — Order…**: The court allowed the prayer for withdrawal and dismissed C.P.(I.B) No. 672/2019 as…

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