# In the matter of Nitesh Pune Mall Pvt. Ltd. CP (IB) 3902-(MB)-2018

> NCLT judgment dated 2019-03-26. Citation: TCN-2019-NCLT-04348. The case pertains to CP.(IB) 3902/(MB)/2018 filed under Section 7 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 26 Mar 2019
- **Citation:** TCN-2019-NCLT-04348
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nitesh-pune-mall-pvt-ltd-cp-ib-3902-mb-2018-66c5cbc6

## Summary

### Background

The case pertains to CP.(IB) 3902/(MB)/2018 filed under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Financial Creditor, Goldman Sachs Investments (Mauritius) Ltd, initiated proceedings against the Corporate Debtor, Nitesh Pune Mall Pvt Ltd. The case was heard by the Mumbai Bench of the National Company Law Tribunal (NCLT).

## Facts

Goldman Sachs Investments (Mauritius) Ltd, the Financial Creditor, initiated insolvency proceedings against Nitesh Pune Mall Pvt Ltd, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. Subsequently, the Financial Creditor filed a withdrawal memo on 2019-03-11 seeking to withdraw the petition. The counsel representing the Financial Creditor sought leave of the court for withdrawing the petition. The court allowed the withdrawal, and the petition was dismissed as withdrawn. The relevance of the withdrawal suggests that the Financial Creditor may have reached a settlement with the Corporate Debtor or had other reasons for not pursuing the insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can withdraw the insolvency petition filed under Section 7 of the …

**Ratio:** A financial creditor has the right to withdraw an insolvency petition filed under Section

…

**Reasoning:** The court allowed the withdrawal based on the withdrawal memo filed by the counsel

…

**Interpretation:** This implies that the adjudicating authority has the discretion to allow or

…

**Application:** In this case, the Financial Creditor sought to withdraw the petition, and the

…

## Parties

- **Judges:** V. P. S…; Ravikumar…; +1 more
- **Appellants:** Goldman Sachs…
- **Respondents:** Nitesh Pune Mall…

## Timeline

- **2019-03-11 — Withdrawal Me…**: Counsel representing the Financial Creditor filed a withdrawal memo seeking leave of the…
- **2019-03-26 — Order Is…**: The NCLT allowed the withdrawal of the petition, and the petition was dismissed as…

---

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/nitesh-pune-mall-pvt-ltd-cp-ib-3902-mb-2018-66c5cbc6