# In the matter of DOIT Urban Ventures (India) Private Limited IA 387-2023 in C.P. (IB)-567(MB)2022

> NCLT judgment dated 2023-02-01. Citation: TCN-2023-NCLT-04831. The case involves a Company Petition (CP (IB) No. 567 of 2022) filed under Section 7 of the…

- **Court:** NCLT
- **Order date:** 1 Feb 2023
- **Citation:** TCN-2023-NCLT-04831
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/doit-urban-ventures-india-private-limited-ia-387-2023-in-cp-ib-567mb2022-0ac60a39

## Summary

### Background

The case involves a Company Petition (CP (IB) No. 567 of 2022) filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor sought to initiate insolvency proceedings against the Corporate Debtor. The matter was pending adjudication before the NCLT Mumbai Bench.

## Facts

Piramal Capital & Housing Finance Limited filed a Company Petition (CP (IB) No. 567 of 2022) against Doit Urban Ventures (India) Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was pending adjudication before the NCLT Mumbai Bench. The Financial Creditor, Piramal Capital & Housing Finance Limited, through its counsel Ms. Kriti Kalyani, stated that they wished to withdraw the petition. The Corporate Debtor, Doit Urban Ventures (India) Private Limited, was represented by Mr. Shyam Kapadia. The withdrawal of the main petition also affected an Interlocutory Application (IA No. 387 of 2023) and other related applications.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can withdraw a Company Petition filed under Section 7 of the …

**Ratio:** A Financial Creditor has the right to withdraw a Company Petition filed under Section 7

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**Reasoning:** The court accepted the statement of the Financial Creditor's counsel regarding the

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**Interpretation:** This case interprets the right of a Financial Creditor to withdraw a petition

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**Application:** In this case, the Financial Creditor, Piramal Capital & Housing Finance

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Appellants:** PIRAMAL CAPITAL…
- **Respondents:** DOIT URBAN…

## Timeline

- **2023-02-01 — Hearing…**: Hearing on the Company Petition where the Financial Creditor sought to withdraw 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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