# In the matter of Star Realcon Pvt. Ltd. IB-408-ND-2021

> NCLT judgment dated 2021-11-12. Citation: TCN-2021-NCLT-00517. The case involves an application for withdrawal of Section 7 proceedings under the Insolvency…

- **Court:** NCLT
- **Order date:** 12 Nov 2021
- **Citation:** TCN-2021-NCLT-00517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/star-realcon-pvt-ltd-ib-408-nd-2021-14aecc70

## Summary

### Background

The case involves an application for withdrawal of Section 7 proceedings under the Insolvency and Bankruptcy Code (IBC). The initial application was filed under CP-IB-408/ND/2021. The applicant acknowledged a typographical error regarding the rule under which the application was filed. The court considered the submissions and the No Due Certificate issued to co-borrowers.

## Facts

PNB Housing Finance Ltd. initiated insolvency proceedings against M/s. Star Realcon Pvt. Ltd. under Section 7 of the IBC. The application was filed under CP-IB-408/ND/2021. The applicant, PNB Housing Finance Ltd., later sought to withdraw the application, citing a typographical error in the initial filing. A No Due Certificate dated 25.10.2021 was issued to co-borrowers. The NCLT considered the application for withdrawal and the No Due Certificate.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Section 7 proceedings under CP-IB-408/ND/2021 should …

**Ratio:** An applicant can withdraw an application filed under Section 7 of the IBC if sufficient

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**Reasoning:** The court considered the submissions made by the counsel for the applicant and the No Due

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**Interpretation:** This case interprets the provisions related to the withdrawal of an application

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**Application:** The ratio was applied to the facts of the case, where the applicant sought

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** PNB Housing…
- **Respondents:** M/s. Star Realcon…
- **Advocates:** Astha…

## Timeline

- **2021-10-25 — No Due Certificate…**: A No Due Certificate was…
- **2021-11-12 — Order Del…**: The NCLT delivered the order allowing the withdrawal of the application and dismissing…

## 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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