# In the matter of Loon Land Developers Ltd. (IBPP)-03(PB)-2021)

> NCLT judgment dated 2023-02-17. Citation: TCN-2023-NCLT-04562. The case pertains to an application filed under Section 54 of the Insolvency & Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 17 Feb 2023
- **Citation:** TCN-2023-NCLT-04562
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/loon-land-developers-ltd-ibpp-03pb-2021-9373e00e

## Summary

### Background

The case pertains to an application filed under Section 54 of the Insolvency & Bankruptcy Code (Pre-Packaged). The petitioner sought to withdraw the petition.

## Facts

Loon Land Developers Ltd filed a petition under Section 54 of the Insolvency & Bankruptcy Code (Pre-Packaged). The petitioner, Loon Land Developers Ltd, subsequently requested the court to allow the withdrawal of the petition (IBPP)-03(PB)/2021. The request was made through their counsel. The court considered the request and allowed the withdrawal, dismissing the petition and disposing of all pending IAs.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to …

**Ratio:** A petitioner can withdraw a petition with the permission of the court, and the court has

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**Reasoning:** The court considered the request made by the Ld. Counsel for the Petitioner and found no

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**Interpretation:** The interpretation is that the court has the power to allow the withdrawal of a

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**Application:** In this case, the court applied the ratio by allowing the petitioner's request

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## Parties

- **Judges:** Sh. Ashok Kumar…; AVINASH K.…
- **Appellants:** Loon Land…

## Timeline

- **2023-02-17 — Order Del…**: Order delivered on 17.02.2023,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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