# In the matter of PNB Housing Finance Ltd Vs. Jaideep Avatar Singh, CP (IB)/2(MP)/2022

> NCLT judgment dated 2022-08-26. Citation: TCN-2022-NCLT-01258. This case involves PNB Housing Finance Ltd as the applicant and Mr. Jaideeep Avtar Singh, the…

- **Court:** NCLT
- **Order date:** 26 Aug 2022
- **Citation:** TCN-2022-NCLT-01258
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pnb-housing-finance-ltd-vs-jaideep-avatar-singh-cp-6ba11b99

## Summary

### Background

This case involves PNB Housing Finance Ltd as the applicant and Mr. Jaideeep Avtar Singh, the personal guarantor to Global Mega Ventures Pvt Ltd, as the respondent. The proceedings are under Section 95 of the Insolvency and Bankruptcy Code (IBC). The applicant sought to withdraw the main matter, C.P.(IB)/2(MP)2022, with the liberty to file it again if needed.

## Facts

PNB Housing Finance Ltd filed an application against Mr. Jaideeep Avtar Singh, who is the personal guarantor to Global Mega Ventures Pvt Ltd, under Section 95 of the IBC. The applicant, PNB Housing Finance Ltd, through its counsel Mr. Jaimin R Dave, sought to withdraw the main application, C.P.(IB)/2(MP)2022, along with IA/120(MP)2022 and IA/122(MP)2022, with the liberty to refile if necessary. The applicant's counsel stated that they had instructions to withdraw the matter. The relevance of the facts lies in the applicant's decision to withdraw the case, which the court subsequently approved.

## Issues and analysis

### Issue 1: Whether the applicant should be granted permission to withdraw the main matter, C.P.(IB)/2(MP)2022, …

**Ratio:** The legal principle applied here is the court's discretion to allow the withdrawal of a

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**Reasoning:** The court reasoned that since the applicant's counsel submitted that they had

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**Interpretation:** This involves interpreting the applicant's right to withdraw a case and the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** PNB Housing…
- **Respondents:** Global Mega…; Mr Jaideeep Avtar…

## Timeline

- **N/A — Application…**: Learned counsel Mr. Jaimin R Dave appeared and submitted that this application is filed…
- **2022-08-26 — Order Del…**: Order delivered on 26/08/2022, granting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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