# In the matter of Parsvanath Landmarks Developers Pvt. Ltd. (IB)-443 (PB)-2019

> NCLT judgment dated 2019-11-27. Citation: TCN-2019-NCLT-00429. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 27 Nov 2019
- **Citation:** TCN-2019-NCLT-00429
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parsvanath-landmarks-developers-pvt-ltd-ib-443-pb-2019-0d169490

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant, Rahul Gyanchandani & Ors., filed the application against the respondent, Parsavnath Landmarks Developers Pvt. Ltd. The learned counsel for the applicant, who is also the corporate debtor, applied for withdrawal of the application.

## Facts

Rahul Gyanchandani & Ors. filed an application against Parsavnath Landmarks Developers Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant, also identified as the corporate debtor, sought to withdraw the application. The court accepted the withdrawal request. This suggests that the applicant no longer wished to pursue the insolvency proceedings against Parsavnath Landmarks Developers Pvt. Ltd.

## Issues and analysis

### Issue 1: Whether the applicant can withdraw the application filed under Section 7 of the Insolvency and …

**Ratio:** An applicant is generally permitted to withdraw an application if circumstances warrant

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**Reasoning:** The court accepted the request for withdrawal, implying that it found sufficient reason

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**Interpretation:** The interpretation is that the right to initiate proceedings also carries the

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**Application:** In this case, the applicant, who is also the corporate debtor, sought to

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## Parties

- **Judges:** DEEPTI M…; S. K. MOH…
- **Appellants:** Rahul Gyanchandani…
- **Respondents:** Parsavnath…
- **Advocates:** Rajes…

## Timeline

- **2019-11-27 — Order Del…**: Order delivered on…
- **2020-01-08 — Order Da…**: Date of the order disposing of…

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