# In the matter of Marine Drive Hospitality & Realty Private Limited C.P.(IB)-977(MB)-2020

> NCLT judgment dated 2021-04-08. Citation: TCN-2021-NCLT-02430. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 8 Apr 2021
- **Citation:** TCN-2021-NCLT-02430
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marine-drive-hospitality-realty-private-limited-cpib-977mb-2020-03e27a88

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal (NCLT), Mumbai Bench. The petitioner, Foster + Partners Limited, sought initiation of the corporate insolvency resolution process against the respondent, Marine Drive Hospitality and Realty Private Limited.

## Facts

Foster + Partners Limited filed a petition against Marine Drive Hospitality and Realty Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner's counsel subsequently filed a withdrawal memo seeking to withdraw the petition. Consent terms were also filed and taken on record. Both parties were present during the hearing. The key fact is the petitioner's decision to withdraw the petition, leading to its dismissal.

## Issues and analysis

### Issue 1: Whether the petition filed by Foster + Partners Limited should be dismissed as withdrawn, given the …

**Ratio:** A petition can be dismissed as withdrawn when the petitioner seeks withdrawal and the

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**Reasoning:** The court reasoned that since the petitioner's counsel filed a withdrawal memo and

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**Interpretation:** This interpretation suggests that the court respects the petitioner's decision

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**Application:** In this specific case, the ratio and reasoning were applied directly to the

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## Parties

- **Judges:** Chandra Bha…; SUCHITRAKAN…
- **Appellants:** Foster + Partners…
- **Respondents:** Marine Drive…

## Timeline

- **2021-04-08 — Hearing…**: Hearing of the Mumbai Bench of the…
- **N/A — Filing of Withdrawal…**: Counsel for the Petitioner filed a withdrawal…

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