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

> NCLT judgment dated 2023-02-17. Citation: TCN-2023-NCLT-04567. 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-04567
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/loon-land-developers-ltd-ibpp-03pb-2021-be231ac8

## 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 (IBPP)-03(PB)/2021.

## Facts

Loon Land Developers Ltd filed a petition under Section 54 of the Insolvency & Bankruptcy Code (Pre-Packaged), registered as (IBPP)-03(PB)/2021. The Ld. Counsel for the Petitioner requested the court to allow the withdrawal of the petition. The court considered the request and subsequently allowed the withdrawal and dismissal of the petition. Consequently, all pending IAs were also disposed of.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to withdraw the petition (IBPP)-03(PB)/2021 under Section …

**Ratio:** A petitioner is generally allowed to withdraw a petition if there are valid reasons and

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

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**Interpretation:** The interpretation of the law allows for the withdrawal of petitions under

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**Application:** In this case, the court applied the ratio by allowing the petitioner to

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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, allowing the…

## 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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