# In the matter of Piramal Capital & Housing Finance Limited

> NCLT judgment dated 2024-03-26. Citation: TCN-2024-NCLT-01940. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 26 Mar 2024
- **Citation:** TCN-2024-NCLT-01940
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/piramal-capital-housing-finance-limited-1727f0e8

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner, Rahul Kumar Shandilya, sought to initiate insolvency proceedings against the respondent, Piramal Capital & Housing Finance Limited. The learned counsel for the petitioner requested to withdraw the present petition to approach the appropriate forum.

## Facts

Rahul Kumar Shandilya, the petitioner, filed a petition against Piramal Capital & Housing Finance Limited, the respondent, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner's counsel requested the court to allow the withdrawal of the petition to approach a more appropriate forum. The court considered this request and disposed of the petition along with all pending Interlocutory Applications (IAs) as withdrawn.

## Issues and analysis

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

**Ratio:** A party is generally allowed to withdraw a petition if it is deemed appropriate to pursue

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**Reasoning:** The court considered the petitioner's request to withdraw the petition to approach a more

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**Interpretation:** The interpretation of the law allows for the withdrawal of a petition when the

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**Application:** In this case, the petitioner's counsel requested the withdrawal of the petition

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Rahul Kumar…
- **Respondents:** PIRAMAL CAPITAL &…

## Timeline

- **N/A — Petition…**: Rahul Kumar Shandilya filed a petition against Piramal Capital & Housing Finance Limited…
- **2024-03-26 — Order Del…**: The court allowed the petitioner to withdraw the petition, and the CP/204/2024 along with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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