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

> NCLT judgment dated 2021-08-10. Citation: TCN-2021-NCLT-01391. The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Aug 2021
- **Citation:** TCN-2021-NCLT-01391
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/investment-one-consultants-llp-cpib-4608mb-2019-9902796e

## Summary

### Background

The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter was heard through Virtual Hearing (VC). The Counsel for the Financial Creditor, Ms. Vidisha Poonja, sought permission to withdraw the Company Petition.

## Facts

The Financial Creditor, represented by Ms. Vidisha Poonja, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the hearing, the counsel sought permission to withdraw the petition, stating that the parties are exploring alternative remedies. The court considered the submission and allowed the withdrawal. The petition was related to a matter involving Investment One Consultants LLP.

## Issues and analysis

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

**Ratio:** A party is allowed to withdraw a petition if the court deems it fit and proper,

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**Reasoning:** The court considered the submission of the counsel and noted that the parties are

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**Interpretation:** This case interprets the court's discretionary power to allow the withdrawal of

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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:** 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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