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

> NCLT judgment dated 2021-11-12. Citation: TCN-2021-NCLT-00522. 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-00522
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/star-realcon-pvt-ltd-ib-408-nd-2021-ab7100f9

## Summary

### Background

The case involves an application for withdrawal of Section 7 proceedings under the Insolvency and Bankruptcy Code (IBC). The application was filed under CP-IB-408/ND/2021. The applicant admitted a typographical error in indicating 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. filed an application under Section 7 of the IBC against M/s. Star Realcon Pvt. Ltd. The applicant subsequently filed an application to withdraw the Section 7 proceedings, citing a typographical error in the initial application. A No Due Certificate dated 25.10.2021 was issued to co-borrowers. The NCLT considered the submissions of the applicant's counsel and the No Due Certificate before allowing the withdrawal application.

## Issues and analysis

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

**Ratio:** An application for withdrawal can be allowed if the applicant demonstrates sufficient

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**Reasoning:** The court considered the applicant's submissions and the No Due Certificate issued to

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**Interpretation:** The court interpreted the relevant rules and regulations regarding the

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**Application:** Based on the applicant's request and the No Due Certificate, the court allowed

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## Parties

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

## Timeline

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

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