# In the matter of TGB Realty Pvt. Ltd. (IB)-3052(ND)2019

> NCLT judgment dated 2021-04-05. Citation: TCN-2021-NCLT-02473. The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 5 Apr 2021
- **Citation:** TCN-2021-NCLT-02473
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tgb-realty-pvt-ltd-ib-3052nd2019-4e074790

## Summary

### Background

The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), CIRP. The applicant/petitioner sought permission to withdraw the petition, which was granted by the court.

## Facts

Pawan Kumar Fangaria filed a petition against M/s. TGB Realty Pvt. Ltd. under Section 7 of the IBC, CIRP. The petitioner subsequently sought permission to withdraw the petition. The court, after hearing the counsel, granted the permission and dismissed the petition as withdrawn. The key fact is the petitioner's request to withdraw the petition, which led to the dismissal of the case.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted permission to withdraw the petition filed under Section 7 …

**Ratio:** The legal principle applied is that a petitioner can withdraw a petition with the

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**Reasoning:** The court reasoned that the petitioner's counsel sought permission to withdraw the

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**Interpretation:** This involves the interpretation of the procedural aspects of IBC, specifically

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; Shri. L. N.…
- **Appellants:** Pawan Kumar…
- **Respondents:** M/s. TGB Realty…

## Timeline

- **2021-04-05 — Order Del…**: The order was delivered on 05.04.2021, dismissing the Company Petition No.…

## 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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