# In the matter of Marvel Realtors & Developers Ltd. CP(IB)-2342(MB)-2019

> NCLT judgment dated 2019-07-17. Citation: TCN-2019-NCLT-02477. The case pertains to a Company Petition [CP(IB)-2342(MB)/2019] filed under Section 7 of the…

- **Court:** NCLT
- **Order date:** 17 Jul 2019
- **Citation:** TCN-2019-NCLT-02477
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marvel-realtors-developers-ltd-cpib-2342mb-2019-17e845ce

## Summary

### Background

The case pertains to a Company Petition [CP(IB)-2342(MB)/2019] filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor sought to withdraw the petition.

## Facts

The Financial Creditor, Dilrez Gopal, filed a Company Petition [CP(IB)-2342(MB)/2019] against Marvel Realtors & Developers Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor subsequently sought leave from the National Company Law Tribunal (NCLT), Mumbai Bench, to withdraw the petition. The counsel on record endorsed the withdrawal. The Tribunal then dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can withdraw the Company Petition filed under Section 7 of the …

**Ratio:** A financial creditor has the right to withdraw a petition filed under Section 7 of the

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**Reasoning:** The Tribunal considered the request of the Financial Creditor to withdraw the petition

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**Interpretation:** The interpretation is that the Financial Creditor has the right to withdraw the

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**Application:** In this case, the Financial Creditor sought to withdraw the petition, and the

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Dilrez…
- **Respondents:** Marvel Realtors &…

## Timeline

- **2019-08-23 — Hearing…**: Order sheet of the…
- **2019-08-23 — Order Da…**: Company Petition [CP(IB)-2342(MB)/20…

## 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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