# In the matter of Virat Global Logistics Pvt. Ltd. C.P.(IB)-628(MB)-2020

> NCLT judgment dated 2023-01-10. Citation: TCN-2023-NCLT-05118. The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 10 Jan 2023
- **Citation:** TCN-2023-NCLT-05118
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/virat-global-logistics-pvt-ltd-cpib-628mb-2020-6ffe8147

## Summary

### Background

The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) in the year 2020. The hearing was held on January 10, 2023. The Financial Creditor's counsel was present, as was the Corporate Debtor's counsel. However, the Financial Creditor's counsel was not inclined to argue or pursue the matter.

## Facts

A petition was filed in 2020 under Section 7 of the Insolvency and Bankruptcy Code (IBC). The hearing took place on January 10, 2023. Ms. Sumi Soman, the counsel for the Financial Creditor, and Ms. Veenu Khatri, the counsel for the Corporate Debtor, were present. The Financial Creditor's counsel was not inclined to argue or pursue the matter. Consequently, the petition was dismissed for non-prosecution. The key fact is the Financial Creditor's decision not to pursue the case, which led to the dismissal.

## Issues and analysis

### Issue 1: Whether the petition under Section 7 of the IBC should be dismissed due to the Financial Creditor's …

**Ratio:** A petition can be dismissed for non-prosecution if the initiating party shows no interest

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**Reasoning:** The court reasoned that since the Financial Creditor's counsel was not inclined to argue

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**Interpretation:** This interpretation suggests that the court expects active participation from

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**Application:** In this specific case, the Financial Creditor's lack of inclination to pursue

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Indus Container…
- **Respondents:** Virat Global…

## Timeline

- **2020-01-01 — Petition…**: A petition was filed…
- **2023-01-10 — Hearing…**: The hearing was held, and the Financial Creditor's counsel was not inclined to pursue the…

## 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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