# In the matter of Mediciti Healthcare Services Pvt. Ltd. CP(IB) No. 485-7-HDB-2019

> NCLT judgment dated 2019-07-26. Citation: TCN-2019-NCLT-02243. The case involves a petition filed by L&T Infrastructure Finance Company Ltd against Mediciti…

- **Court:** NCLT
- **Order date:** 26 Jul 2019
- **Citation:** TCN-2019-NCLT-02243
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mediciti-healthcare-services-pvt-ltd-cpib-no-485-7-hdb-2019-10175861

## Summary

### Background

The case involves a petition filed by L&T Infrastructure Finance Company Ltd against Mediciti Healthcare Services Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The matter was listed for admission and to order notice to the Corporate Debtor.

## Facts

L&T Infrastructure Finance Company Ltd, the Financial Creditor, filed a petition against Mediciti Healthcare Services Pvt Ltd, the Corporate Debtor, under Section 7 of the IBC, 2016. The Financial Creditor sought to initiate CIRP against the Corporate Debtor. Before the petition could be admitted, the Financial Creditor filed a memo seeking permission to withdraw the petition. The reason for withdrawal was that the parties had amicably settled their disputes, and the Corporate Debtor had cleared all the dues of the Financial Creditor. The court noted that the petition was not yet admitted. The Financial Creditor's counsel was present during the proceedings.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can be granted permission to withdraw the petition under Section 7 …

**Ratio:** The legal principle applied is that a Financial Creditor can withdraw a petition filed

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**Reasoning:** The court reasoned that since the parties had amicably settled their disputes and the

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**Interpretation:** This issue involves the interpretation of Section 7 of the IBC, 2016, which

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**Application:** In this specific case, the Financial Creditor filed a memo seeking withdrawal

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** L & T Infrastructu…
- **Respondents:** Mediciti Healthcar…

## Timeline

- **2019-07-26 — Hearing…**: Hearing held on…
- **2019-07-26 — Financial Creditor…**: The Learned Counsel for Financial creditor filed memo dated 26.07.2019 seeking permission…

## 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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