# In the matter of RAK Magnum Realty LLP IA 207-2022 In C.P. (IB)-217-(MB)2020

> NCLT judgment dated 2022-02-03. Citation: TCN-2022-NCLT-04276. The case involves an application (IA 207/2022) in connection with a Company Petition (CP…

- **Court:** NCLT
- **Order date:** 3 Feb 2022
- **Citation:** TCN-2022-NCLT-04276
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rak-magnum-realty-llp-ia-207-2022-in-cp-ib-217-mb2020-01f8d557

## Summary

### Background

The case involves an application (IA 207/2022) in connection with a Company Petition (CP (IB)/217/(MB)2020) before the National Company Law Tribunal (NCLT), Mumbai Bench. The applicant sought permission to withdraw the Company Petition, stating that the matter had been amicably settled out of court. The applicant also placed on record the consent terms duly signed by the parties and their respective advocates.

## Facts

Cosmic Landscapes Pvt. Ltd. filed a Company Petition (CP (IB)/217/(MB)2020) against RAK Magnum Realty LLP. Cosmic Landscapes Pvt. Ltd. then filed IA 207/2022 seeking permission to withdraw the Company Petition, stating that the matter had been amicably settled out of court. Consent terms, duly signed by both parties and their advocates, were placed on record. The court considered these facts and the application for withdrawal.

## Issues and analysis

### Issue 1: Whether the application to withdraw the Company Petition should be allowed, given the amicable …

**Ratio:** The legal principle applied is that parties are generally allowed to withdraw a petition

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**Reasoning:** The court reasoned that since the parties had amicably settled the matter outside of

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**Interpretation:** This interpretation suggests that courts generally favor and facilitate

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**Application:** In this specific case, the court applied the principle by allowing the

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## Parties

- **Judges:** K.K. V…; P.N. Des…
- **Appellants:** Cosmic Landscapes…
- **Respondents:** RAK Magnum Realty…
- **Advocates:** Sagar Vi…; Abhishek…; +1 more

## Timeline

- **2022-02-03 — Order Da…**: Order sheet of the hearing of Mumbai Bench…
- **2020-01-01 — Company Petiti…**: CP (IB) 217 of 2020 was…

## 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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