# In the matter of Sahib Realty Pvt. Ltd. C.P.(IB)-1727(MB)/2019

> NCLT judgment dated 2020-02-26. Citation: TCN-2020-NCLT-01810. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 26 Feb 2020
- **Citation:** TCN-2020-NCLT-01810
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sahib-realty-pvt-ltd-cpib-1727mb2019-7290e293

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor sought to initiate corporate insolvency resolution process against the Corporate Debtor. The hearing was held on 26.02.2020.

## Facts

Bright Outdoor Media Pvt. Ltd. filed a petition against Sahib Realty Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the hearing on 26.02.2020, the Operational Creditor's counsel requested to withdraw the petition with the liberty to file appropriate proceedings. The court granted the request and dismissed the petition.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the petition filed under Section 9 of the Insolvency …

**Ratio:** The court has the discretion to allow the withdrawal of a petition if the circumstances

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**Reasoning:** The court considered the submission of the Operational Creditor's counsel and found it

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**Interpretation:** The interpretation is that the court has the power to allow withdrawal of a

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**Application:** In this case, the court applied the ratio by allowing the Operational Creditor

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## Parties

- **Judges:** Rajasekha…; RAJESH S…
- **Appellants:** Bright Outdoor…
- **Respondents:** Sahib Realty Pvt.…

## Timeline

- **2020-02-26 — Hearing…**: Hearing held on 26.02.2020 where the Operational…
- **2019-01-01 — Petition…**: C.P.(IB)-1727(MB)/2019…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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