# In the matter of D B Realty Limited C.P. (IB)-258(MB)2022

> NCLT judgment dated 2022-03-07. Citation: TCN-2022-NCLT-03870. The case involves LIC Housing Finance Ltd. as the financial creditor and D B Realty Limited as…

- **Court:** NCLT
- **Order date:** 7 Mar 2022
- **Citation:** TCN-2022-NCLT-03870
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/d-b-realty-limited-cp-ib-258mb2022-a6cfba69

## Summary

### Background

The case involves LIC Housing Finance Ltd. as the financial creditor and D B Realty Limited as the corporate debtor. The hearing was held on March 7, 2022. The court convened through video conference.

## Facts

LIC Housing Finance Ltd. filed a petition against D B Realty Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the hearing on March 7, 2022, the counsel for the financial creditor, Mr. Raj Dani, confirmed that the payment had been received. Mr. Akash Agarwal, the counsel for the corporate debtor, also confirmed the receipt of payment. As a result, the petition was dismissed as withdrawn. The key fact is the confirmation of payment receipt by both parties' counsels, leading to the petition's dismissal.

## Issues and analysis

### Issue 1: Whether the petition filed by the financial creditor can be dismissed as withdrawn upon …

**Ratio:** A petition can be dismissed as withdrawn when the financial creditor confirms that the

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**Reasoning:** The court accepted the confirmation from both counsels regarding the payment receipt.

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**Interpretation:** This indicates that when a financial dispute is resolved through payment, and

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**Application:** In this case, the confirmation of payment receipt by both counsels led to the

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## Parties

- **Judges:** RAJESH S…; KISHORE VEMULAPALL…
- **Appellants:** LIC Housing…
- **Respondents:** D B Realty…

## Timeline

- **2022-03-07 — Hearing…**: Order sheet of the hearing held on 07.03.2022 where the financial creditor confirmed the…

## 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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