# In the matter of Lathangi Cycle and Carriage Pvt. Ltd. C.P. (IB) No.147-BB-2019

> NCLT judgment dated 2019-07-04. Citation: TCN-2019-NCLT-02674. Mr. Kishore Kumar Golecha HUF and Mr. Abhishek K. filed C.P. (IB) No.147/BB/2019 under Section…

- **Court:** NCLT
- **Order date:** 4 Jul 2019
- **Citation:** TCN-2019-NCLT-02674
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lathangi-cycle-and-carriage-pvt-ltd-cp-ib-no147-bb-2019-940cc5b6

## Summary

### Background

Mr. Kishore Kumar Golecha HUF and Mr. Abhishek K. filed C.P. (IB) No.147/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Lathangi Cycle and Carriage Private Limited, the Corporate Debtor, due to a default of Rs. 11,38,500/- each.

## Facts

Mr. Kishore Kumar Golecha HUF and Mr. Abhishek K. filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against M/s. Lathangi Cycle and Carriage Private Limited, citing a default of Rs. 11,38,500/- each. The petitioners later sought to withdraw the petition. The case was listed for hearing on multiple dates, including 25.04.2019, 28.05.2019, 18.06.2019 and 04.07.2019. The petitioners' counsel filed a memo for withdrawal, which the Tribunal considered. The Tribunal allowed the withdrawal and dismissed the petition.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the Petitioners …

**Ratio:** A petition can be withdrawn if the case is not yet admitted and the Tribunal is inclined

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**Reasoning:** The Tribunal noted that the case was not yet admitted and considered the request for

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**Interpretation:** This interpretation allows for the withdrawal of a petition before its

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**Application:** Since the case was not yet admitted, the Tribunal applied the principle of

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Kishore Kumar…
- **Respondents:** M/s. Lathangi…

## Timeline

- **2019-04-25 — Hearing…**: The case was listed for…
- **2019-05-28 — Hearing…**: The case was listed for…

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