# In the matter of Parkwood Developers Pvt. Ltd. IB-2625-ND-2019

> NCLT judgment dated 2021-04-06. Citation: TCN-2021-NCLT-02466. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 6 Apr 2021
- **Citation:** TCN-2021-NCLT-02466
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parkwood-developers-pvt-ltd-ib-2625-nd-2019-bb6ae079

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Birinder Kaur and Col. Sarbjit Singh Malhri against M/s. Parkwood Developers Pvt. Ltd. The financial creditor sought to initiate corporate insolvency resolution process against the corporate debtor.

## Facts

Birinder Kaur and Col. Sarbjit Singh Malhri, the financial creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s. Parkwood Developers Pvt. Ltd., the corporate debtor. The financial creditor sought to initiate the corporate insolvency resolution process. The application was heard by the National Company Law Tribunal (NCLT), New Delhi. The financial creditor was permitted to withdraw the application because it was not inconsonance with law enforce.

## Issues and analysis

### Issue 1: Whether the financial creditor should be permitted to withdraw the application filed under Section …

**Ratio:** The ratio is based on the principle that if an application's continuation is not in

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**Reasoning:** The court reasoned that since the application was not inconsonance with law enforce, the

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**Interpretation:** The interpretation of Rule 8 of the Insolvency and Bankruptcy (Application to

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**Application:** In this specific case, the court applied the ratio and reasoning to permit the

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## Parties

- **Judges:** P.S.N. P…; K.K. V…
- **Appellants:** Birinder Kaur and…
- **Respondents:** M/s. Parkwood…

## Timeline

- **2021-04-06 — Order Del…**: Order delivered on the matter…

## 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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