# In the matter of VijayGroup Housing Pvt. Ltd. C.P.(IB)-2129(MB)-2019

> NCLT judgment dated 2021-07-26. Citation: TCN-2021-NCLT-01621. A petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The counsel…

- **Court:** NCLT
- **Order date:** 26 Jul 2021
- **Citation:** TCN-2021-NCLT-01621
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vijaygroup-housing-pvt-ltd-cpib-2129mb-2019-7d882752

## Summary

### Background

A petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The counsel for the petitioner, Mr. Sanjay Kumar Ruia, appeared through virtual hearing and informed the court that he has received Rs. 2,64,990/- lakhs from the corporate debtor, which includes the principal amount and interest up to the date of filing the company petition. He requested time to withdraw the petition as he was to receive pendente lite interest.

## Facts

A V Contractors & Engineers Pvt Ltd filed a petition against Vijay Group Housing Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the hearing on 26.07.2021, the petitioner's counsel, Mr. Sanjay Kumar Ruia, informed the court that the corporate debtor had paid Rs. 2,64,990/- lakhs, covering the principal and interest up to the petition filing date. The counsel requested time to withdraw the petition, expecting further 'pendente lite' interest. The court rejected this request, and the petition was disposed of as withdrawn. The payment from the corporate debtor is a key fact, influencing the petitioner's withdrawal request and the court's decision.

## Issues and analysis

### Issue 1: Whether the petitioner's request for time to withdraw the company petition should be granted, …

**Ratio:** The court has the discretion to allow or reject a request for withdrawal of a petition

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**Reasoning:** The court rejected the petitioner's request, implying that the partial payment received

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**Interpretation:** This case highlights the court's power to manage insolvency proceedings

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**Application:** In this specific instance, the court applied its discretion to reject the

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** A V Contractors &…
- **Respondents:** Vijay Group…

## Timeline

- **2021-07-26 — Hearing…**: Hearing of the Mumbai Bench of the National Company Law Tribunal. The petitioner's…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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