Canara Bank Withdraws Insolvency Petition Against BGS Credit

Canara Bank moves to withdraw its insolvency petition against BGS Credit Pvt Ltd under IBC Section 7, due to the respondent's status as an RBI-regulated Financial Service Provider.
The withdrawal is supported by a memo citing the Ankush Saluja vs Urmila Goyal case precedent and the pending surrender of BGS Credit's FSP license with RBI.
The NCLT Chennai bench dismisses the petition as withdrawn with liberty to file afresh, and the file is consigned to records.