# In the matter of Williamson Magor and Co. Limited C.P. (IB)-128(KB)2021

> NCLT judgment dated 2021-09-23. Citation: TCN-2021-NCLT-01034. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 23 Sept 2021
- **Citation:** TCN-2021-NCLT-01034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/williamson-magor-and-co-limited-cp-ib-128kb2021-90f4e0d5

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The Financial Creditor sought to withdraw the petition because the Corporate Debtor is an NBFC (Non-Banking Financial Company).

## Facts

The Financial Creditor filed a petition against the Corporate Debtor. The Corporate Debtor is an NBFC. The Financial Creditor sought leave to withdraw the petition. The court dismissed the petition as withdrawn and granted liberty to the Financial Creditor to pursue other remedies under the law.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can withdraw the …

**Ratio:** A party can withdraw a petition with the leave of the court, especially when

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**Reasoning:** The court allowed the withdrawal based on the Financial Creditor's submission that the

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**Interpretation:** The interpretation is that the court has the discretion to allow withdrawal of

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**Application:** The ratio and reasoning were applied to the specific facts, allowing the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** WILLIAMSON MAGOR…
- **Advocates:** Ratnanko B…; Ashika…; +3 more

## Timeline

- **2021-09-23 — Hearing…**: Hearing held on September…
- **2021-01-01 — Petition…**: CP(IB)/128(KB)2021 was…

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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/williamson-magor-and-co-limited-cp-ib-128kb2021-90f4e0d5