# In the matter of Legend Estates Pvt. Ltd. Company Petition IB-146-2021

> NCLT judgment dated 2021-07-22. Citation: TCN-2021-NCLT-01661. The case involves a Company Petition IB/146/2021 before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 22 Jul 2021
- **Citation:** TCN-2021-NCLT-01661
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/legend-estates-pvt-ltd-company-petition-ib-146-2021-0d5c46e0

## Summary

### Background

The case involves a Company Petition IB/146/2021 before the National Company Law Tribunal (NCLT), Hyderabad Bench. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The hearing was conducted via video conference on July 22, 2021.

## Facts

The Company Petition IB/146/2021 was filed by Archana Sarda and Others against Legend Estates Pvt Ltd. The petition was filed under Section 7 of the IBC. The financial creditor's counsel appeared via video conference and stated that the matter had been settled and a memo was filed on record. The petitioner then sought permission to withdraw the petition. The key fact is the settlement between the parties, leading to the request for withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted permission to withdraw the petition based on the …

**Ratio:** The legal principle applied is that a petitioner can withdraw a petition if the matter

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**Reasoning:** The court reasoned that since the matter was settled and a memo was filed, and the

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**Interpretation:** This involves interpreting the provisions of the IBC and the relevant rules

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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:** Madan B.…; Dr.Binod Kumar…
- **Appellants:** Archana Sarda and…
- **Respondents:** Legend Estates…

## Timeline

- **2021-07-22 — Hearing…**: Hearing of the National Company Law Tribunal, Hyderabad Bench, held on 22.07.2021 at…

## 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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