# In the matter of VGN Property Developers Pvt. Ltd. CP-1374-IB-2018

> NCLT judgment dated 2019-03-08. Citation: TCN-2019-NCLT-04528. The case pertains to CP/1374/IB/2018 filed before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 8 Mar 2019
- **Citation:** TCN-2019-NCLT-04528
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vgn-property-developers-pvt-ltd-cp-1374-ib-2018-62273bb3

## Summary

### Background

The case pertains to CP/1374/IB/2018 filed before the National Company Law Tribunal (NCLT), Chennai Bench. The matter involves Kalpavriksh Enterprises as the operational creditor and VGN Property Developers Pvt Ltd as the corporate debtor. The case was listed for hearing on 08/03/2019.

## Facts

Kalpavriksh Enterprises filed a petition CP/1374/IB/2018 against VGN Property Developers Pvt Ltd. The operational creditor, Kalpavriksh Enterprises, through its counsel, filed a withdrawal memo. The NCLT Chennai bench, consisting of Shri B.S.V. Prakash Kumar (Judicial Member) and Shri S. Vijayaraghavan (Technical Member), considered the withdrawal memo. The key fact is the filing of the withdrawal memo by the operational creditor's counsel, which led to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the NCLT was justified in dismissing the petition CP/1374/IB/2018 based on the withdrawal …

**Ratio:** The legal principle applied is that a party has the right to withdraw a petition filed

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**Reasoning:** The court reasoned that since the operational creditor, through its counsel, had filed a

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**Interpretation:** The interpretation is that the court acknowledges the operational creditor's

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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:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** KALPAVRIKSH…
- **Respondents:** VGN PROPERTY…

## Timeline

- **2018-01-01 — Petition…**: CP/1374/IB/2018 was…
- **2019-03-08 — Hearing…**: Hearing held at 10.30…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/vgn-property-developers-pvt-ltd-cp-1374-ib-2018-62273bb3