# In the matter of Poomalai Housing Pvt. Ltd. IBA-372-2020

> NCLT judgment dated 2021-11-08. Citation: TCN-2021-NCLT-00589. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The applicant…

- **Court:** NCLT
- **Order date:** 8 Nov 2021
- **Citation:** TCN-2021-NCLT-00589
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/poomalai-housing-pvt-ltd-iba-372-2020-115e35e7

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The applicant filed a petition, and subsequently, both parties entered into a Compromise-cum-Loan Agreement dated April 27, 2021, with the Corporate Debtor. The applicant then sought permission to withdraw the present petition with the liberty to revive or file a fresh petition regarding the subject matter.

## Facts

Jayesh Enterprises, the petitioner, filed an application (IBA/372/2020) under Section 7 Rule 4 of the IBC, 2016. During the proceedings, Jayesh Enterprises and Poomalai Housing Pvt Ltd, the respondent, entered into a Compromise-cum-Loan Agreement dated April 27, 2021, with the Corporate Debtor. Subsequently, Jayesh Enterprises sought permission to withdraw the petition with the liberty to revive it later. The court granted the permission, and the application was dismissed as withdrawn. The presence of a compromise agreement between the parties is a key fact influencing the court's decision to allow the withdrawal.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted permission to withdraw the present petition with the …

**Ratio:** The legal principle applied is that a petitioner can withdraw a petition if there is a

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**Reasoning:** The court reasoned that since the parties had entered into a Compromise-cum-Loan

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**Interpretation:** The interpretation involves understanding the provisions of the IBC regarding

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** S. Ramath…; B. Anil…
- **Appellants:** Jayesh Ente…
- **Respondents:** Poomalai Housing…

## Timeline

- **2021-04-27 — Compromise Ag…**: Parties entered into a Compromise-cum-Loan…
- **2021-11-08 — Hearing…**: Hearing held on 08-11-2021 at 10:30…

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