# In the matter of Prayag Polytech Pvt. Ltd.

> NCLT judgment dated 2024-02-13. Citation: TCN-2024-NCLT-02614. The case involves Vidya Educare Pvt. Ltd. as the Financial Creditor/Applicant and Prayag…

- **Court:** NCLT
- **Order date:** 13 Feb 2024
- **Citation:** TCN-2024-NCLT-02614
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prayag-polytech-pvt-ltd-12b4c463

## Summary

### Background

The case involves Vidya Educare Pvt. Ltd. as the Financial Creditor/Applicant and Prayag Polytech Pvt. Ltd. as the Corporate Debtor/Respondent. The matter is being heard by the National Company Law Tribunal, Jaipur Bench, through video conferencing. The case was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.

## Facts

Vidya Educare Pvt. Ltd. initiated a corporate insolvency resolution process against Prayag Polytech Pvt. Ltd. under Section 7 of the IBC, 2016. The case was registered as CP No. (IB)- 54/7/JPR/2019. During the proceedings, the petitioner, Vidya Educare Pvt. Ltd., sought to withdraw the petition. The court, after hearing the advocates for both parties, granted permission for the withdrawal. Consequently, the court dismissed the main petition and disposed of all pending Interlocutory Applications (IAs).

## Issues and analysis

### Issue 1: Whether the petitioner can be granted permission to withdraw the petition filed under Section 7 of …

**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 the petitioner sought to withdraw the present petition, and after

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**Interpretation:** The interpretation is that the court has the power to allow the withdrawal of a

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**Application:** In this case, the court applied the principle by granting permission to Vidya

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## Parties

- **Judges:** Deep Chandr…; Ashish…
- **Appellants:** Vidya Educare…
- **Respondents:** Prayag Polytech…

## Timeline

- **2019-01-01 — CP No. (IB)- 54/7/JPR/20…**: Corporate Insolvency Resolution Process initiated by Vidya Educare Pvt. Ltd. against…
- **2020-01-01 — IA No. 01/J…**: Interlocutory…

## 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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