# In the matter of Kunjbihari Developers Pvt. Ltd. IA 33-2023 in C.P. (IB)-121-(MB)2022

> NCLT judgment dated 2023-01-04. Citation: TCN-2023-NCLT-05203. This case involves an Interlocutory Application (IA 33/2023) filed by the Financial Creditor,…

- **Court:** NCLT
- **Order date:** 4 Jan 2023
- **Citation:** TCN-2023-NCLT-05203
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kunjbihari-developers-pvt-ltd-ia-33-2023-in-cp-ib-121-mb2022-49c4a0b1

## Summary

### Background

This case involves an Interlocutory Application (IA 33/2023) filed by the Financial Creditor, Piramal Capital & Housing Finance Limited, seeking withdrawal of the main Company Petition bearing CP (IB) No. 121 of 2022. The Financial Creditor stated they were no longer inclined to prosecute the pleadings in the main Company Petition.

## Facts

Piramal Capital & Housing Finance Limited, the Financial Creditor, filed an Interlocutory Application (IA 33/2023) seeking to withdraw the main Company Petition bearing CP (IB) No. 121 of 2022. The Financial Creditor expressed that they were no longer interested in prosecuting the matter. Kunjbihari Developers Private Limited is the Corporate Debtor. The Respondent's counsel stated no objection to the unconditional withdrawal. The main Company Petition was related to insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Issues and analysis

### Issue 1: Whether the Financial Creditor, Piramal Capital & Housing Finance Limited, can be allowed to …

**Ratio:** A financial creditor is generally permitted to withdraw a company petition if they no

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**Reasoning:** The court reasoned that since the Financial Creditor was no longer interested in

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**Interpretation:** This aligns with the principle that parties have the autonomy to decide whether

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**Application:** In this case, the Financial Creditor's desire to withdraw the petition, coupled

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## Parties

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

## Timeline

- **2023-01-04 — Order Sheet of…**: The order sheet documents the hearing on January 4, 2023, regarding the withdrawal of the…

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