# In the matter of Parsvnath Landmarks Developers Pvt. Ltd. (IB)-1045PB)-2019

> NCLT judgment dated 2020-01-08. Citation: TCN-2020-NCLT-02423. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 8 Jan 2020
- **Citation:** TCN-2020-NCLT-02423
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parsvnath-landmarks-developers-pvt-ltd-ib-1045pb-2019-5fc846cc

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, Man Mohan Sarup Aggarwal, filed the application against the respondent, Parsavnath Landmark Developers Pvt. Ltd. The learned counsel for the applicant, who is also the corporate debtor, requested a withdrawal of the application.

## Facts

Man Mohan Sarup Aggarwal filed an application under Section 7 of the IBC, 2016 against Parsavnath Landmark Developers Pvt. Ltd. The applicant, also identified as the corporate debtor, sought to withdraw the application. The court accepted the withdrawal request. This suggests a potential resolution or change in circumstances that led the applicant to no longer pursue the insolvency proceedings against Parsavnath Landmark Developers Pvt. Ltd.

## Issues and analysis

### Issue 1: Whether the court should allow the withdrawal of an application filed under Section 7 of the IBC, …

**Ratio:** The court has the discretion to allow the withdrawal of an application under Section 7 of

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**Reasoning:** The court's decision to allow the withdrawal is based on the request made by the learned

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**Interpretation:** The interpretation is that the court acknowledges the applicant's right to

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**Application:** In this specific case, the ratio and reasoning are applied to the fact that the

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## Parties

- **Judges:** DEEPTI M…; SH. S. K.…
- **Appellants:** Man Mohan Sarup…
- **Respondents:** Parsavnath…

## Timeline

- **2020-01-08 — Order Del…**: The order was delivered on January 8, 2020,…

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