# In the matter of Supertech Ltd. IB-2518(ND)-2019

> NCLT judgment dated 2021-03-12. Citation: TCN-2021-NCLT-02731. The case involves a petition filed under Section 7 of the IBC code 2016. The Financial Creditor…

- **Court:** NCLT
- **Order date:** 12 Mar 2021
- **Citation:** TCN-2021-NCLT-02731
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/supertech-ltd-ib-2518nd-2019-63281be5

## Summary

### Background

The case involves a petition filed under Section 7 of the IBC code 2016. The Financial Creditor sought to withdraw the petition.

## Facts

Krishna Bhatt and Anr. filed a petition against Supertech Ltd. under Section 7 of the IBC code 2016. The Financial Creditor, Krishna Bhatt and Anr., subsequently requested the court to withdraw the petition, seeking liberty to pursue other legal remedies. Counsel for both the Financial Creditor and the Corporate Debtor were present during the proceedings.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be allowed to withdraw the petition filed under Section 7 of …

**Ratio:** A party is generally allowed to withdraw a petition if it seeks to do so, especially when

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**Reasoning:** The court considered the request of the Financial Creditor to withdraw the petition.

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**Interpretation:** The interpretation of the law allows for the withdrawal of a petition,

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**Application:** The Financial Creditor's request to withdraw the petition was granted, as the

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## Parties

- **Judges:** Ch. Mohd Sharief…; Narender Kumar…
- **Appellants:** Krishna Bhatt and…
- **Respondents:** Supertech…

## Timeline

- **2021-03-12 — Order Del…**: The order was delivered on March 12, 2021, dismissing the petition as withdrawn and…

## 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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