# In the matter of Krishna Developers Private Limited C.P.(IB)-4285(MB)-2019

> NCLT judgment dated 2020-03-13. Citation: TCN-2020-NCLT-01556. The case involves an application under the Insolvency and Bankruptcy Code. The Operational…

- **Court:** NCLT
- **Order date:** 13 Mar 2020
- **Citation:** TCN-2020-NCLT-01556
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krishna-developers-private-limited-cpib-4285mb-2019-355f8de3

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code. The Operational Creditor's counsel was present, but there was no representation on behalf of the Corporate Debtor. The Operational Creditor sought to withdraw the petition.

## Facts

The Operational Creditor filed a petition against Krishna Developers Private Limited. During the hearing on March 13, 2020, the Operational Creditor's counsel was present, but no one represented the Corporate Debtor. The Operational Creditor then requested to withdraw the petition. The court subsequently dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the insolvency petition filed against the Corporate …

**Ratio:** An operational creditor has the right to withdraw an insolvency petition filed under

…

**Reasoning:** The court allowed the withdrawal based on the request of the Operational Creditor's

…

**Interpretation:** The interpretation is that the court recognizes the right of the Operational

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**Application:** The Operational Creditor's request to withdraw the petition was directly

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Estek…
- **Respondents:** Krishna Developers…

## Timeline

- **2020-03-13 — Hearing…**: Hearing held where the Operational Creditor's counsel was present, and the Operational…
- **2019-01-01 — Case Fil…**: C.P.(IB)-4285(MB)/2019…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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