# In the matter of Persuasive Realcon Pvt. Ltd.

> NCLT judgment dated 2023-08-21. Citation: TCN-2023-NCLT-01978. The case involves M/s. RN Khemka Enterprises Pvt. Ltd. as the applicant/petitioner and M/s.…

- **Court:** NCLT
- **Order date:** 21 Aug 2023
- **Citation:** TCN-2023-NCLT-01978
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/persuasive-realcon-pvt-ltd-a20f6834

## Summary

### Background

The case involves M/s. RN Khemka Enterprises Pvt. Ltd. as the applicant/petitioner and M/s. Persuasive Realcon Pvt. Ltd. as the respondent. The application is filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter is before the National Company Law Tribunal (NCLT), New Delhi, Special Bench (Court – II).

## Facts

M/s. RN Khemka Enterprises Pvt. Ltd. initiated insolvency proceedings against M/s. Persuasive Realcon Pvt. Ltd. under Section 7 of the IBC, 2016. The case was registered as IB-95/ND/2021. IA-4411/2023 was filed, and based on the averments made within it, the NCLT allowed the application and dismissed the main insolvency petition (IB-95/ND/2021) as withdrawn. As a result, the Corporate Debtor, M/s. Persuasive Realcon Pvt. Ltd., was released from the CIRP, and the IRP was relieved of their duties. IA-3694/2023 was also filed, but it became infructuous due to the order passed in IA-4411/2023.

## Issues and analysis

### Issue 1: Whether IA-4411/2023 should be allowed, …

**Ratio:** The legal principle applied is that if the applicant/petitioner seeks withdrawal of the

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**Reasoning:** The court considered the averments made in IA-4411/2023 and found them sufficient to

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**Interpretation:** This reflects the court's power to allow withdrawal of an insolvency

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**Application:** In this case, the court applied the principle by allowing IA-4411/2023, which

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** M/s. RN Khemka…
- **Respondents:** M/s. Persuasive…

## Timeline

- **N/A — Insolvency App…**: M/s. RN Khemka Enterprises Pvt. Ltd. filed an application under Section 7 of IBC, 2016…
- **2023-08-21 — Order Del…**: Order delivered by NCLT allowing IA-4411/2023…

## 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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