# In the matter of Investment One Consultants LLP C.P.(IB)-4608(MB)-2019

> NCLT judgment dated 2021-08-10. Citation: TCN-2021-NCLT-01387. The matter pertains to a Company Petition filed under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 10 Aug 2021
- **Citation:** TCN-2021-NCLT-01387
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/investment-one-consultants-llp-cpib-4608mb-2019-5b9c5a9a

## Summary

### Background

The matter pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor sought permission to withdraw the Company Petition. The parties were exploring alternative remedies, and they decided to withdraw the petition.

## Facts

The Financial Creditor, represented by Ms. Vidisha Poonja, sought to withdraw a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The parties involved were exploring alternative remedies, leading to their decision to withdraw the petition. The court considered the counsel's submission and allowed the withdrawal. The petition number is CP (IB) 4608 (MB)/2019.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be allowed to withdraw the Company Petition under Section 7 …

**Ratio:** A Financial Creditor can withdraw a Company Petition if the parties are exploring

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**Reasoning:** The court considered the submission of the counsel and the fact that the parties were

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**Interpretation:** This interpretation allows for flexibility in insolvency proceedings,

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**Application:** In this case, the parties' decision to explore alternative remedies justified

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## Parties

- **Judges:** Ashok Kumar…; Shyam Babu…
- **Appellants:** Malay Sures…
- **Respondents:** Investment One…

## Timeline

- **2021-08-10 — Order Sheet of…**: Order sheet of the hearing of Mumbai Bench…

## 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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