# In the matter of Ambience Projects and Infrastructure Pvt. Ltd. IA-701-ND-2022 in (IB)-539-ND-2021

> NCLT judgment dated 2022-03-29. Citation: TCN-2022-NCLT-03494. The case involves Indiabulls Housing Finance Ltd. as the applicant and Ambience Projects and…

- **Court:** NCLT
- **Order date:** 29 Mar 2022
- **Citation:** TCN-2022-NCLT-03494
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ambience-projects-and-infrastructure-pvt-ltd-ia-701-nd-2022-in-ib-539-nd-2021-fcbb7fd9

## Summary

### Background

The case involves Indiabulls Housing Finance Ltd. as the applicant and Ambience Projects and Infrastructure Pvt Ltd as the respondent. The applicant sought to withdraw the present petition.

## Facts

Indiabulls Housing Finance Ltd. filed a petition against Ambience Projects and Infrastructure Pvt Ltd. Mr. Devvrat Mitra, Authorised Officer of IHFL, along with Senior Counsel Mr. Krishnendu Datta, appeared and stated that they sought liberty to withdraw the petition. This request was made in light of the withdrawal of a notice dated 27.10.2021 under Section 13(2) of the SARFAESI Act. The court considered this request.

## Issues and analysis

### Issue 1: Whether the applicant should be granted …

**Ratio:** A party has the right to withdraw a petition if they deem it necessary, especially when

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**Reasoning:** The court reasoned that the applicant sought to withdraw the petition in light of the

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**Interpretation:** The interpretation is that the court acknowledges the applicant's prerogative

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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:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Indiabulls…
- **Respondents:** Ambience Projects…

## Timeline

- **2021-10-27 — Withdrawal of…**: A notice under Section 13(2) of…
- **2022-03-29 — Order Del…**: The court delivered an order…

## 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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