# In the matter of Raghuleela Builders Pvt. Ltd. C.P. (IB) No. 1535-MB-2019

> NCLT judgment dated 2021-06-02. Citation: TCN-2021-NCLT-02047. The matter pertains to a Company Petition (CP (IB) No. 1535/MB/2019) filed by Sportiff India…

- **Court:** NCLT
- **Order date:** 2 Jun 2021
- **Citation:** TCN-2021-NCLT-02047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raghuleela-builders-pvt-ltd-cp-ib-no-1535-mb-2019-90953bdf

## Summary

### Background

The matter pertains to a Company Petition (CP (IB) No. 1535/MB/2019) filed by Sportiff India Pvt Ltd against Raghuleela Builders Pvt Ltd. The petitioner has submitted that the debt has been fully satisfied and no longer wishes to proceed with the petition.

## Facts

Sportiff India Pvt Ltd filed a Company Petition (CP (IB) No. 1535/MB/2019) against Raghuleela Builders Pvt Ltd. During the proceedings, Sportiff India Pvt Ltd submitted to the court, via an affidavit dated 2021-05-28, that the debt in question had been fully satisfied. Consequently, Sportiff India Pvt Ltd expressed its desire to withdraw the Company Petition. The court took the affidavit on record.

## Issues and analysis

### Issue 1: Whether the Company Petition bearing CP (IB) No. 1535 of 2019 should be dismissed as withdrawn, …

**Ratio:** A Company Petition can be dismissed as withdrawn if the petitioner submits that the debt

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**Reasoning:** The court reasoned that since the petitioner, Sportiff India Pvt Ltd, had submitted an

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**Interpretation:** Rule 8 of the Insolvency and Bankruptcy Board of India (Application to

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**Application:** In this case, the petitioner's affidavit stating that the debt was fully

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## Parties

- **Judges:** V. Nallasen…; Janab Mohammed…
- **Appellants:** Sportiff India…
- **Respondents:** Raghuleela…
- **Advocates:** Somit Kumar…; Tahir P…

## Timeline

- **2021-05-28 — Affidavit…**: Petitioner filed an affidavit stating…
- **2021-06-02 — Order Is…**: Company Petition…

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