# In the matter of Lenskart Solutions Private Limited IA-1191-ND-2022 in IB-162-ND-2022

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-03699. The case involves an application (IA-1191/ND/2022) filed in the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 16 Mar 2022
- **Citation:** TCN-2022-NCLT-03699
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lenskart-solutions-private-limited-ia-1191-nd-2022-in-ib-162-nd-2022-237ab3b6

## Summary

### Background

The case involves an application (IA-1191/ND/2022) filed in the National Company Law Tribunal (NCLT), New Delhi, in connection with an insolvency petition (IB/162/ND/2022). The applicant sought to withdraw the present petition.

## Facts

Praxian Global Private Limited filed an application (IA-1191/ND/2022) in connection with an insolvency petition (IB/162/ND/2022) against Lenskart Solutions Private Limited. The applicant, Praxian Global Private Limited, sought to withdraw the insolvency petition. The Learned Counsel for the petitioner requested the court to allow the withdrawal, subject to settlement. The court considered the request and the statement of the Learned Counsel.

## Issues and analysis

### Issue 1: Whether the applicant should be allowed to withdraw the present insolvency petition, subject to …

**Ratio:** The legal principle applied is the court's discretion to allow the withdrawal of a

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**Reasoning:** The court reasoned that based on the statement of the Learned Counsel for the petitioner,

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**Interpretation:** The interpretation involves understanding the court's power to permit

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Praxian Global…
- **Respondents:** Lenskart Solutions…

## Timeline

- **2022-03-16 — Order Del…**: The order was delivered on March 16, 2022,…

## 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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