NCLT allowed the applicant to withdraw its main Company Petition under Section 7 of the IBC, 2016, due to inability to effect service on the corporate debtor. The main petition stands dismissed as not pressed.
Withdrawal of the main Company Petition CP (IB) No. 3486 of 2019 was allowed. Liberty granted to initiate other legal proceedings.
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.
NATIONAL COMPANY LAW TRIBUNAL COURT-I, MUMBAI BENCH
Item 3 IA 1455/2022 in C.P. (IB) 3486/MB/2019
CORAM:
SH. K. K. VOHRA JUSTICE P.N. DESHMUKH (Retd.) HON’BLE MEMBER (T) HON’BLE MEMBER (J)
HON’BLE MEMBER (J)
ORDER SHEET OF THE HEARING ON 03.06.2022
NAME OF THE PARTIES : -
India bulls Consumer Finance Ltd
V/s
21 Auto India Pvt Ltd
Appearance (via video-conference):
For the Applicant
: Ms. Suyesha Kakarla, Advocate
Section 7 of the IBC, 2016
ORDER
IA 1455/2022
Heard Ld. Counsel for the Applicant. The Applicant has prayed for withdrawal of the main Company Petition bearing CP (IB) No. 3486 of 2019. Ld. Counsel for the Applicant submits that in spite of best efforts of the Applicant to serve the Corporate Debtor, no service could be effected. It is also contended, as revealed from para 5 of the Application, that in spite of service of notice by way of paper publication, the Corporate Debtor has not appeared before the Court. In that view of the matter, the Applicant has decided to withdraw the Company Petition and has thus prayed for withdrawal of the same. Having considered the facts as aforesaid, the Application is allowed thereby allowing the Applicant to withdraw the main Company Petition bearing CP (IB) No. 3486 of 2019 unconditionally as prayed for. Accordingly, IA 1455 of 2022 stands disposed of as allowed .
Resultantly, CP (IB) No. 3486 of 2019 also stands disposed of as
dismissed as not pressed.
However, in view of the peculiar circumstances involved in the Application,
we find it appropriate to grant liberty to the Applicant to initiate other
legal proceedings against the Corporate Debtor as available under law .
Sd/Sd/- K. K. VOHRA JUSTICE P.N. DESHMUKH Member (Technical) Member (Judicial)
Vedant
1 issue framed by the court
Whether the application for withdrawal of the main Company Petition under Section 7 of the IBC, 2016 should be allowed.
1 provisions across 1 enactments
India bulls Consumer Finance Ltd
21 Auto India Pvt Ltd
K. K. VOHRA
P.N. DESHMUKH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
