# In the matter of Oren Hydrocarbons Pvt. Ltd., Vs. Akzo Nobel Industrial Chemicals BV and Anr. CA (AT) (CH) (Ins) No. 24 of 2021

> NCLAT judgment dated 2021-03-26. Citation: TCN-2021-NCLAT-00300. The case is a Company Appeal (AT) (CH) (Insolvency) No. 24 of 2021 filed under Section 61 of…

- **Court:** NCLAT
- **Order date:** 26 Mar 2021
- **Citation:** TCN-2021-NCLAT-00300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/oren-hydrocarbons-pvt-ltd-vs-akzo-nobel-industrial-chemicals-bv-and-anr-ca-0e12df68

## Summary

### Background

The case is a Company Appeal (AT) (CH) (Insolvency) No. 24 of 2021 filed under Section 61 of the Insolvency & Bankruptcy Code, arising out of an order dated 24.02.2021 in IBA / 938 / 2019 passed by the National Company Law Tribunal, Division Bench – I, Chennai. The appellant sought to withdraw the appeal.

## Facts

M/s. Oren Hydrocarbons Private Limited filed a Company Appeal (AT) (CH) (Insolvency) No. 24 of 2021. The appellant sought permission to withdraw the appeal. The National Company Law Appellate Tribunal, Chennai, granted permission to withdraw the appeal. The appellant/corporate debtor was granted liberty to file an application under section 12A of the Insolvency & Bankruptcy Code before the Adjudicating Authority. The constitution of the Committee of Creditors was stayed until the time granted for filing the withdrawal application. IA No.55 of 2021, IA No.56 of 2021 and IA No.57 of 2021 were closed.

## Issues and analysis

### Issue 1: Whether the Appellant should be granted …

**Ratio:** The tribunal has the discretion to allow the withdrawal of an appeal based on the

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**Reasoning:** The Learned Counsel for the Appellant sought permission from the Tribunal to withdraw the

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**Interpretation:** This issue involves the interpretation of the tribunal's procedural rules and

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**Application:** The ratio and reasoning are applied to the specific facts of this case, where

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## Parties

- **Judges:** Venugop…; V. P. S…
- **Appellants:** M / s. Oren…; M/s.OREN HYDROCARB…
- **Respondents:** M / s. Akzo Nobel…; M/s. Akzo Nobel…

## Timeline

- **2021-02-24 — Order by…**: Order passed by the National Company Law Tribunal, Division Bench – I, Chennai in IBA /…
- **2021-03-26 — Order Da…**: Date of the order dismissing the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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