# In the matter of Gupta Builders and Promoters Pvt. Ltd. IA No.276 & 494-2022 and CP (IB) No.43-Chd-Chd-2022

> NCLT judgment dated 2022-08-04. Citation: TCN-2022-NCLT-01465. The case involves a petition filed by Isht Preet Singh Sethi against Gupta Builders & Promoters…

- **Court:** NCLT
- **Order date:** 4 Aug 2022
- **Citation:** TCN-2022-NCLT-01465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gupta-builders-and-promoters-pvt-ltd-ia-no276-494-2022-and-cp-ib-no43-chd-chd-20-6c9da4ad

## Summary

### Background

The case involves a petition filed by Isht Preet Singh Sethi against Gupta Builders & Promoters Pvt. Ltd. CIRP proceedings had already been initiated against the respondent/corporate debtor, vide order dated 31.05.2022 passed by this Bench in CP(IB) No.237/Chd/Chd/2021; M/s Area Importers and Exporters Private Limited versus M/s Gupta Builders and Promoters Private Limited.

## Facts

Isht Preet Singh Sethi filed a petition against Gupta Builders & Promoters Pvt. Ltd. CIRP proceedings were already initiated against Gupta Builders & Promoters Pvt. Ltd. vide order dated 31.05.2022 in CP(IB) No.237/Chd/Chd/2021. The petitioner sought to withdraw the present petition with the liberty to file a claim as an operational creditor before the IRP/RP. The court considered the facts and circumstances and the statement made by the petitioner's counsel.

## Issues and analysis

### Issue 1: Whether the petitioner should be permitted to withdraw the present petition with the liberty to …

**Ratio:** A petitioner may be allowed to withdraw a petition with the liberty to pursue other legal

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**Reasoning:** The court considered the facts and circumstances of the case and the statement made by

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**Interpretation:** This interpretation allows for flexibility in legal proceedings, enabling

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**Application:** In this case, the petitioner was allowed to withdraw the petition with the

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Isht Preet Singh…
- **Respondents:** Gupta Builders &…

## Timeline

- **2022-05-31 — CIRP Init…**: CIRP proceedings initiated against the respondent/corporate debtor vide order dated…
- **2022-08-04 — Order Da…**: The present petition, along with pending applications, is dismissed as withdrawn with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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