The Tribunal dismissed the insolvency petition under Section 7 of the IBC, 2016 as withdrawn by the petitioner. Liberty to file a fresh petition was granted if the respondent defaults in future payments.
Petition dismissed as withdrawn; liberty granted to file fresh petition in case of future default.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH
COURT – IV
CP(IB)-51(MB)/2021
CORAM:
SHRI RAJESH SHARMA SMT. SUCHITRA KANUPARTHI MEMBER (Technical) MEMBER (Judicial)
ORDER SHEET OF THE HEARING HELD ON 15.07.2021
NAME OF THE PARTIES:
Pegasus Assets Reconstruction Pvt. Ltd. v/s. Prathamesh Dreams Properties Pvt. Ltd.
SECTION: 7 OF INSOLVENCY AND BANKRUPTCY CODE, 2016.
O R D E R
The Court is convened through Video Conference.
Sd/Sd/RAJESH SHARMA SUCHITRA KANUPARTHI Member (Technical) Member (Judicial)
15.07.2021 / pvs
3 issues framed by the court
Whether the Financial Creditor is permitted to withdraw Section 7 petition upon substantial repayment of debt.
Whether the debtor is granted liberty to file a fresh petition in case of future default.
Interpretation of withdrawal of insolvency application and grant of liberty to file subsequent application.
1 provisions across 1 enactments
Pegasus Assets Reconstruction Pvt. Ltd.
Prathamesh Dreams Properties Pvt. Ltd.
Rajesh Sharma
Suchitra Kanuparthi
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
