# In the matter of Primezone Developers Pvt. Ltd. CP (IB) No. 575-Chd-Hry-2019

> NCLT judgment dated 2021-12-07. Citation: TCN-2021-NCLT-00246. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 7 Dec 2021
- **Citation:** TCN-2021-NCLT-00246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/primezone-developers-pvt-ltd-cp-ib-no-575-chd-hry-2019-5159cdc2

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner, Ravi Gupta, is a financial creditor, and the respondent, Primezone Developers Pvt. Ltd., is the corporate debtor. The petitioner sought to withdraw the petition, stating that the matter pertains to a home buyer.

## Facts

Ravi Gupta, a financial creditor, filed a petition against Primezone Developers Pvt. Ltd., the corporate debtor, under Section 7 of the IBC, 2016. The petitioner, Ravi Gupta, sought to withdraw the petition because the matter pertains to a home buyer. The court considered the orders passed in the judgment of the Hon'ble Supreme Court in Manish Kumar Vs. Union of India (UOI) and Ors. Writ Petition (C) No. 26 of 2020 dated 19.01.2021. The relevance of the Supreme Court order is that it likely influenced the decision to allow the withdrawal, potentially relating to the treatment of home buyers under IBC.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to withdraw the petition filed under Section 7 of the IBC, …

**Ratio:** A petitioner can withdraw a petition filed under Section 7 of the IBC, subject to the

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**Reasoning:** The court considered the petitioner's submission that the matter pertains to a home buyer

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**Interpretation:** This legal issue concerns the procedural aspect of withdrawing a petition under

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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:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Ravi G…
- **Respondents:** Primezone…
- **Advocates:** Manish…; Divya S…

## Timeline

- **2021-01-19 — Supreme Cour…**: Orders passed in the judgment of Hon'ble Supreme Court in Manish Kumar Vs. Union of India…
- **2021-12-07 — Order Da…**: The present petition is…

## 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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