# In the matter of Dinanatha Developers Private Limited IA 40-2023 in C.P. (IB)-113-(MB)2022

> NCLT judgment dated 2023-01-04. Citation: TCN-2023-NCLT-05195. Piramal Capital & Housing Finance Limited filed an Interlocutory Application (IA 40/2023)…

- **Court:** NCLT
- **Order date:** 4 Jan 2023
- **Citation:** TCN-2023-NCLT-05195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dinanatha-developers-private-limited-ia-40-2023-in-cp-ib-113-mb2022-391827b5

## Summary

### Background

Piramal Capital & Housing Finance Limited filed an Interlocutory Application (IA 40/2023) seeking to withdraw the main Company Petition (CP (IB) No. 113 of 2022). The financial creditor stated they no longer wished to pursue the pleadings in the main Company Petition. The counsel for the applicant submitted that the financial creditor desired to withdraw the main Company Petition unconditionally.

## Facts

Piramal Capital & Housing Finance Limited, the financial creditor, initiated a Company Petition (CP (IB) No. 113 of 2022). Subsequently, the financial creditor filed an Interlocutory Application (IA 40/2023) seeking to withdraw the main Company Petition. The reason for the withdrawal was that the financial creditor no longer wished to prosecute the pleadings in the main Company Petition. The respondent did not object to the withdrawal. The main Company Petition was related to Dinanatha Developers Private Limited.

## Issues and analysis

### Issue 1: Whether the financial creditor can withdraw the main Company Petition filed under the Insolvency …

**Ratio:** A financial creditor is generally permitted to withdraw a Company Petition if they

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**Reasoning:** The court reasoned that the financial creditor had expressed a clear desire to withdraw

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code allows for the

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**Application:** In this case, Piramal Capital & Housing Finance Limited, the financial

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## Parties

- **Judges:** SH. SHYAM BABU…; SH. KISHORE…
- **Appellants:** PIRAMAL CAPITAL &…
- **Respondents:** DINANATHA…

## Timeline

- **2023-01-04 — Hearing…**: Order sheet of the…
- **2022-01-01 — Company Petiti…**: CP (IB) No. 113 of 2022…

## 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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