# In the matter of Tulsiani Construction and Developers Pvt. Ltd. (IB)-242(PB)-2018

> NCLT judgment dated 2019-02-08. Citation: TCN-2019-NCLT-04945. The case involves Vass Leasing and Finance Pvt. Ltd. & Anr. as the petitioners/applicant and…

- **Court:** NCLT
- **Order date:** 8 Feb 2019
- **Citation:** TCN-2019-NCLT-04945
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tulsiani-construction-and-developers-pvt-ltd-ib-242pb-2018-b8765d7f

## Summary

### Background

The case involves Vass Leasing and Finance Pvt. Ltd. & Anr. as the petitioners/applicant and Tulsiani Construction and Developers Pvt. Ltd. as the respondent. The petitioner sought to withdraw the petition, and the contempt application was dissolved, based on the corporate debtor honoring its commitment.

## Facts

Vass Leasing and Finance Pvt. Ltd. & Anr. filed a petition against Tulsiani Construction and Developers Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner subsequently applied for withdrawal of the petition, and the contempt application was dissolved. The reason for the withdrawal and dissolution was that the corporate debtor, Tulsiani Construction and Developers Pvt. Ltd., had honored its commitment. The court considered this fact and disposed of C.P. No. (IB)-242(PB)/2018 and CA-120(PB)/2019.

## Issues and analysis

### Issue 1: Whether the petitioner's application for …

**Ratio:** A petitioner can withdraw a petition if the underlying reason for filing the petition no

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**Reasoning:** The court allowed the withdrawal because the corporate debtor had honored its commitment,

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**Interpretation:** This indicates that the court prioritizes resolving disputes outside of formal

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**Application:** Since Tulsiani Construction and Developers Pvt. Ltd. honored its commitment,

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## Parties

- **Judges:** M. M. K…; Pradeep R.…
- **Appellants:** Vass Leasing and…
- **Respondents:** Tulsiani Construct…

## Timeline

- **2018-01-01 — C.P. No. (IB)-242(PB)/20…**: C.P. No. (IB)-242(PB)/20…
- **2019-01-01 — CA-120(PB)/20…**: CA-120(PB)/2019 was…

## 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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