# In the matter of Krishna Realtech Pvt. Ltd. IB-162-ND-2021

> NCLT judgment dated 2021-08-24. Citation: TCN-2021-NCLT-01295. The case involves an application by the Applicant/Financial Creditor to withdraw a petition…

- **Court:** NCLT
- **Order date:** 24 Aug 2021
- **Citation:** TCN-2021-NCLT-01295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krishna-realtech-pvt-ltd-ib-162-nd-2021-0b68f135

## Summary

### Background

The case involves an application by the Applicant/Financial Creditor to withdraw a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against the Respondent/Corporate Debtor. The application is filed under Rule 11 of the National Company Law Tribunal Rules, 2016.

## Facts

M/s. Prefer Commercial Pvt. Ltd., the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against M/s. Krishna Realtech Pvt. Ltd., the corporate debtor. The financial creditor subsequently applied to withdraw the petition. The counsels for both parties were present during the hearing. The court considered the application for withdrawal. The petition was initially filed as CP No. IB-162/ND/2021. IA No. 3721 of 2021 was filed in connection with the withdrawal. IA No. 1350 of 2021 was also related to the case.

## Issues and analysis

### Issue 1: Whether the Applicant/Financial Creditor should be granted leave to withdraw the petition filed …

**Ratio:** A financial creditor can withdraw a petition filed under Section 7 of the Insolvency and

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**Reasoning:** The court considered the request of the financial creditor to withdraw the petition and

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**Interpretation:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial

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**Application:** In this case, the financial creditor, M/s. Prefer Commercial Pvt. Ltd., sought

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## Parties

- **Judges:** P.S.N. P…; HEMANT KUMAR…
- **Appellants:** M/s. Prefer…
- **Respondents:** M/s. Krishna…

## Timeline

- **2021-08-24 — Order Del…**: Order delivered on the…
- **2021-01-01 — Petition…**: CP No. IB-162/ND/2021 filed…

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