# In the matter of Prathamesh Dreams Properties Pvt. Ltd. CP(IB)-51(MB)-2021

> NCLT judgment dated 2021-07-15. Citation: TCN-2021-NCLT-01733. The case involves Pegasus Assets Reconstruction Pvt. Ltd. as the petitioner and Prathamesh…

- **Court:** NCLT
- **Order date:** 15 Jul 2021
- **Citation:** TCN-2021-NCLT-01733
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prathamesh-dreams-properties-pvt-ltd-cpib-51mb-2021-66b2971f

## Summary

### Background

The case involves Pegasus Assets Reconstruction Pvt. Ltd. as the petitioner and Prathamesh Dreams Properties Pvt. Ltd. as the respondent. The hearing was held on July 15, 2021. The court convened through video conference.

## Facts

Pegasus Assets Reconstruction Pvt. Ltd. filed a petition against Prathamesh Dreams Properties Pvt. Ltd. The Respondent/Corporate Debtor made substantial payment against the outstanding debt. Consequently, the Counsel for the Petitioner/Financial Creditor requested to withdraw the petition and sought leave of the court to do so. The counsel also requested liberty for filing a fresh petition in case of default on the part of the Respondent. The court convened through video conference.

## Issues and analysis

### Issue 1: Whether the petition filed by Pegasus Assets Reconstruction Pvt. Ltd. should be dismissed as …

**Ratio:** A petition can be dismissed as withdrawn when the petitioner seeks such dismissal,

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**Reasoning:** The court considered the request of the petitioner's counsel to dismiss the petition as

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**Interpretation:** The legal interpretation is that a petitioner has the right to withdraw a

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**Application:** In this case, the ratio and reasoning are applied to the specific facts where

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## Parties

- **Judges:** RAJESH S…; SUCHITRAKAN…
- **Appellants:** Pegasus Assets…
- **Respondents:** Prathamesh Dreams…

## Timeline

- **2021-07-15 — Hearing…**: Order sheet of the…

## 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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