# In the matter of FS Housing Pvt. Ltd. IA No. 232-JPR-2022 in CP No. 274--JPR-2019

> NCLT judgment dated 2022-05-26. Citation: TCN-2022-NCLT-02591. The case involves an application for withdrawal of CP No. (IB)-274/7/JPR/2019 filed under…

- **Court:** NCLT
- **Order date:** 26 May 2022
- **Citation:** TCN-2022-NCLT-02591
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fs-housing-pvt-ltd-ia-no-232-jpr-2022-in-cp-no-274-jpr-2019-655d3520

## Summary

### Background

The case involves an application for withdrawal of CP No. (IB)-274/7/JPR/2019 filed under Section 7 of the IBC, 2016. The applicant sought to withdraw the petition unconditionally, and permission was granted. The corporate debtor has handed over a sum of Rs. 2,45,00,000/- to the financial creditor by way of 6 cheques on different dates as mentioned in para 5 of the application. In the order dated 15.11.2021, it was submitted that the Financial Creditor would not press with the NI Act / FIR proceedings in respect of this matter during this period.

## Facts

Sangeeta B. Agarwal, through Authorised Representative POA Holder, Banshidhar D. Agarwal, filed a CP No. (IB)-274/7/JPR/2019 under Section 7 of the IBC, 2016, against M/s F S Housing Pvt. Ltd. The Applicant then filed IA No. 232/JPR/2022 seeking to withdraw the CP. The Corporate Debtor handed over Rs. 2,45,00,000/- to the Financial Creditor via six cheques. The Financial Creditor agreed not to press charges under the NI Act/FIR. The IA was allowed, and the CP was dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP …

**Ratio:** An application for withdrawal can be allowed if the applicant seeks to withdraw the

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**Reasoning:** The applicant sought to withdraw the petition unconditionally, and the court found

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**Interpretation:** The court interprets the relevant provisions of the IBC to allow for the

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**Application:** The applicant sought to withdraw the petition unconditionally, and the court

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** Sangeeta B.…
- **Respondents:** M/s F S Housing…
- **Advocates:** Prabhansh…; Pradeep Kr.…

## Timeline

- **2019-01-01 — CP Filed…**: CP No. (IB)-274/7/JPR/2019 was…
- **2021-11-15 — Order Subm…**: Submission that Financial Creditor would not…

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