# In the matter of Naiknavare Housing Development Pvt.  Ltd. C.P. No. 1412-(MAH)-2017

> NCLT judgment dated 2017-12-08. Citation: TCN-2017-NCLT-00089. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 8 Dec 2017
- **Citation:** TCN-2017-NCLT-00089
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/naiknavare-housing-development-pvt-ltd-cp-no-1412-mah-2017-757e94ec

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor (Petitioner) sought to initiate insolvency proceedings against the Corporate Debtor (Respondent).

## Facts

Next Radio Ltd., the Operational Creditor, filed a petition against Naiknavare Housing Developments Pvt. Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was filed due to an outstanding operational debt of Rs. 1,45,787/-. Subsequently, Naiknavare Housing Developments Pvt. Ltd. paid the full amount to Next Radio Ltd., leading Next Radio Ltd. to submit a withdrawal memo to the NCLT. The Learned Representative for the Petitioner placed on record the Withdrawal Memo.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 can be

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**Reasoning:** The court reasoned that since the Corporate Debtor had paid the total operational debt to

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**Interpretation:** The interpretation of the law allows for the withdrawal of insolvency petitions

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**Application:** In this case, the Operational Creditor submitted a withdrawal memo after

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## Parties

- **Judges:** Bhaskara Pantula…
- **Appellants:** Next Radi…
- **Respondents:** Naiknavare…
- **Advocates:** Sudhir M…; Labdli…

## Timeline

- **2017-12-08 — Hearing of t…**: Hearing of the Mumbai Bench of the…
- **2017-12-08 — Petition Wit…**: The petition is disposed of as withdrawn…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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