# In the matter of Navkar Groups Private Limited

> NCLT judgment dated 22 Feb 2024. Citation: TCN-2024-NCLT-02458. This case involves a petition filed by Piramal Capital & Housing Finance Limited against…

- **Court:** NCLT
- **Order date:** 22 Feb 2024
- **Citation:** TCN-2024-NCLT-02458
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/navkar-groups-private-limited-dd4a6a2c

## Summary

### Background

This case involves a petition filed by Piramal Capital & Housing Finance Limited against Navkar Groups Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the respondent, alleging a default in financial debt. The matter was brought before the National Company Law Tribunal, Mumbai Bench, for adjudication.

## Facts

Piramal Capital & Housing Finance Limited, the petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Navkar Groups Private Limited, the respondent. This petition aimed to initiate the Corporate Insolvency Resolution Process (CIRP) against Navkar Groups Private Limited, alleging a default in financial debt. The application was filed before the National Company Law Tribunal, Mumbai Bench, which is the adjudicating authority for such matters.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to withdraw the petition filed under Section 7 of the…

**Ratio:** A petitioner is generally permitted to withdraw a petition filed under Section 7 of the…

**Reasoning:** The Tribunal considered the explicit prayer made by the counsel for the petitioner for…

**Interpretation:** The Tribunal interpreted the request for withdrawal as a procedural right of…

**Application:** In this case, the counsel for Piramal Capital & Housing Finance Limited…

## Parties

- **Judges:** Reeta K…; Madhu S…
- **Advocates:** For the Petitioner…; For the Respondent…

## Timeline

- **February 22, 2024 — Order Del…**: The National Company Law Tribunal, Mumbai Bench, delivered its order, allowing 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)

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