# In the matter of Parsvnath Developers Ltd. (IB)-275-ND-2022

> NCLT judgment dated 2022-04-11. Citation: TCN-2022-NCLT-03286. The case pertains to an application filed by Indiabulls Housing Finance Ltd. under Section 7 of…

- **Court:** NCLT
- **Order date:** 11 Apr 2022
- **Citation:** TCN-2022-NCLT-03286
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/parsvnath-developers-ltd-ib-275-nd-2022-5bb4f342

## Summary

### Background

The case pertains to an application filed by Indiabulls Housing Finance Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against Parsvnath Developers Ltd. The applicant sought initiation of the corporate insolvency resolution process against the respondent.

## Facts

Indiabulls Housing Finance Ltd. filed an application under Section 7 of the IBC, 2016, against Parsvnath Developers Ltd., seeking to initiate the corporate insolvency resolution process. Ms. Vishrupi Sahni, Advocate, appeared on behalf of the petitioner and sought permission to withdraw the application. The court granted permission for withdrawal, leading to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the applicant should be granted permission to withdraw the application filed under Section …

**Ratio:** The legal principle applied is that an applicant can withdraw an application with the

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**Reasoning:** The court reasoned that the applicant sought permission to withdraw the application, and

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**Interpretation:** The interpretation involves understanding the procedural aspects of withdrawing

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**Application:** In this specific case, the ratio and reasoning were applied to the fact that

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; L. N. G…
- **Appellants:** Indiabulls…
- **Respondents:** Parsvnath…

## Timeline

- **2022-04-11 — Order Del…**: The order was delivered on April 11, 2022,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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