# In the matter of Sizzling Beverages Pvt. Ltd. IA No. 67-2021 in CP No. 456-ALD-2019

> NCLT judgment dated 2021-03-26. Citation: TCN-2021-NCLT-02552. The case pertains to a hearing before the Allahabad Bench of the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 26 Mar 2021
- **Citation:** TCN-2021-NCLT-02552
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sizzling-beverages-pvt-ltd-ia-no-67-2021-in-cp-no-456-ald-2019-36374f4f

## Summary

### Background

The case pertains to a hearing before the Allahabad Bench of the National Company Law Tribunal on March 26, 2021. The matter involves Punjab National Bank as the applicant and M/s Sizzling Beverages Pvt Ltd as the corporate debtor. The applicant's counsel stated that they are proceeding under the SARFAESI Act and do not wish to press the present petition, requesting its dismissal as withdrawn. The respondent's counsel did not oppose this prayer.

## Facts

Punjab National Bank filed a petition against M/s Sizzling Beverages Pvt Ltd under Section 7 of the IBC. During the hearing on March 26, 2021, the applicant (Punjab National Bank), through its counsel, stated that they are proceeding under the SARFAESI Act and wished to withdraw the present petition. The respondent's counsel did not oppose the withdrawal. The tribunal then dismissed the petition as withdrawn, with no order as to costs. The key fact is the applicant's decision to withdraw the petition, likely due to pursuing remedies under the SARFAESI Act instead of the IBC.

## Issues and analysis

### Issue 1: Whether the petition filed by the applicant can be dismissed as withdrawn based on the applicant's …

**Ratio:** A petition can be dismissed as withdrawn when the applicant requests such dismissal and

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**Reasoning:** The court reasoned that since the applicant sought to withdraw the petition and the

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**Interpretation:** The interpretation is that the tribunal acknowledges the applicant's right to

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**Application:** In this case, the applicant (Punjab National Bank) requested the dismissal of

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Punjab National…
- **Respondents:** M/s Sizzling…

## Timeline

- **2021-03-26 — Hearing…**: Hearing of Allahabad Bench of the National Company Law Tribunal. Applicant requested…
- **2021-03-26 — Order Da…**: Petition dismissed as…

## 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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