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

> NCLT judgment dated 2019-07-17. Citation: TCN-2019-NCLT-02471. 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-02471
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marvel-realtors-developers-ltd-cpib-2342mb-2019-bdf0714e

## 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, represented by their counsel, sought permission from the National Company Law Tribunal (NCLT), Mumbai Bench, to withdraw the Company Petition [CP(IB)-2342(MB)/2019]. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The counsel on record endorsed the withdrawal. The Tribunal, after considering the request and endorsement, dismissed the petition as withdrawn. The case involves Dilrez Gopal as the applicant and Marvel Realtors & Developers Ltd. as the respondent.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant leave to the Financial Creditor to withdraw the Company Petition …

**Ratio:** The legal principle applied here is the Tribunal's discretion to allow the withdrawal of

…

**Reasoning:** The Tribunal reasoned that the Financial Creditor sought leave to withdraw the petition,

…

**Interpretation:** The interpretation involves understanding the Tribunal's power to permit

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

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

## Timeline

- **2019-08-23 — Hearing…**: Order sheet of the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/marvel-realtors-developers-ltd-cpib-2342mb-2019-bdf0714e