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

> NCLT judgment dated 2022-04-11. Citation: TCN-2022-NCLT-03296. The case involves Indiabulls Housing Finance Ltd. as the applicant/petitioner and Parsvnath…

- **Court:** NCLT
- **Order date:** 11 Apr 2022
- **Citation:** TCN-2022-NCLT-03296
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/parsvnath-developers-ltd-ib-275-nd-2022-930331c3

## Summary

### Background

The case involves Indiabulls Housing Finance Ltd. as the applicant/petitioner and Parsvnath Developers Ltd. as the respondent. The application was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner sought permission to withdraw the application.

## Facts

Indiabulls Housing Finance Ltd. filed an application under Section 7 of the IBC, 2016, against Parsvnath Developers Ltd. Ms. Vishrupi Sahni, representing the petitioner, requested permission to withdraw the application. The court granted the permission, leading to the dismissal of the petition. The key fact is the petitioner's voluntary withdrawal, which resulted in the dismissal of the case. The relevance of this fact is that it indicates the petitioner no longer wished to pursue the insolvency proceedings against the respondent.

## Issues and analysis

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

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

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**Reasoning:** The court reasoned that since the petitioner, represented by their advocate, sought

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**Interpretation:** The interpretation is that the court has the discretion to allow the withdrawal

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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, granting the petitioner's request to withdraw…

## 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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