# In the matter of New India City Developers Pvt. Ltd. (IB)-869(PB)-2020

> NCLT judgment dated 2020-09-11. Citation: TCN-2020-NCLT-00639. The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Sept 2020
- **Citation:** TCN-2020-NCLT-00639
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-india-city-developers-pvt-ltd-ib-869pb-2020-5d20443a

## Summary

### Background

The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant is Core Buildwell Pvt. Ltd., and the respondent is New India City Developers Pvt. Ltd. The matter was heard by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi.

## Facts

Core Buildwell Pvt. Ltd. filed a company petition against New India City Developers Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The case was presented before the National Company Law Tribunal (NCLT), Principal Bench, New Delhi. During the proceedings, the counsel representing Core Buildwell Pvt. Ltd. requested the court to dismiss the company petition. Consequently, the NCLT dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the company petition filed by Core Buildwell Pvt. Ltd. against New India City Developers …

**Ratio:** A company petition can be dismissed as withdrawn at the request of the applicant's

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**Reasoning:** The court's reasoning is based on the principle that the applicant has the right to

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**Interpretation:** The interpretation of the law allows for the voluntary withdrawal of a company

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**Application:** In this specific case, the court allowed the withdrawal of the petition filed

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## Parties

- **Judges:** B.S.V. Prakash…; HEMANT KUMAR…
- **Appellants:** Core Buildwell…
- **Respondents:** New India City…

## Timeline

- **2020-09-11 — Order Del…**: The order was delivered dismissing…

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