# In the matter of SARE Homes Project Services Pvt. Ltd. IA-1043-2021 in IB-296-ND-2020

> NCLT judgment dated 2022-05-26. Citation: TCN-2022-NCLT-02583. The applicant filed an application to withdraw the Corporate Petition (CP) (IB)-296/2020. The…

- **Court:** NCLT
- **Order date:** 26 May 2022
- **Citation:** TCN-2022-NCLT-02583
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sare-homes-project-services-pvt-ltd-ia-1043-2021-in-ib-296-nd-2020-c951b3f0

## Summary

### Background

The applicant filed an application to withdraw the Corporate Petition (CP) (IB)-296/2020. The applicant's counsel submitted that the IRP received Form-FA duly signed by the applicant on 2021-02-22 and the IRP has received the fee and cost. Earlier, the application was rejected, and an appeal was preferred, being Company Appeal (Insolvency) (IB) 449/2021, which was allowed, and the order passed by the Bench was set aside.

## Facts

Ajay Kumar Singh, the applicant, sought to withdraw the Corporate Petition (CP) (IB)-296/2020. The IRP received Form-FA, signed by the applicant on 2021-02-22, along with the required fees and costs. Previously, the application had been rejected, leading to Company Appeal (Insolvency) (IB) 449/2021, which was subsequently allowed, and the initial order was set aside. The applicant's request to withdraw the petition was based on the submissions and averments made in the application and the order passed in Company Appeal No. 449/2021 by the Hon'ble NCLAT. The creditors who filed their claim but not considered have right to file a fresh application.

## Issues and analysis

### Issue 1: Whether the applicant should be allowed to …

**Ratio:** An applicant can withdraw a Corporate Petition if they have complied with the necessary

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**Reasoning:** The court considered the submissions and averments made in the application, as well as

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**Interpretation:** The legal principle allows for the withdrawal of a corporate petition when the

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**Application:** The court applied the ratio to the facts by considering the applicant's

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; HEMANT KUMAR…
- **Appellants:** Ajay Kumar…
- **Respondents:** SARE HOMES…

## Timeline

- **2021-02-22 — Form-FA S…**: The applicant signed Form-FA, indicating their intention to withdraw the Corporate…
- **N/A — Application Rejection…**: The initial application was rejected, leading to Company Appeal (Insolvency) (IB)…

## 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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