# In the matter of State Bank of India vs. India Power Corporation Ltd. & Ors.

> NCLAT judgment dated 2024-06-24. Citation: TCN-2024-NCLAT-00376. This is a Company Appeal (AT) No. 271 of 2019, arising out of an order dated 24.06.2019 in…

- **Court:** NCLAT
- **Order date:** 24 Jun 2024
- **Citation:** TCN-2024-NCLAT-00376
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/state-bank-of-india-vs-india-power-corporation-ltd-ors-f579379e

## Summary

### Background

This is a Company Appeal (AT) No. 271 of 2019, arising out of an order dated 24.06.2019 in IA/169/2019 in CP/660/241/HDB/2018 passed by the National Company Law Tribunal, Hyderabad Bench. The appeal was initially heard on 29.04.2024, and the Company Appeal was permitted to be dismissed as withdrawn at the request of the Appellant's Counsel. However, the order could not be uploaded due to transcription and signing delays. The matter was then placed afresh before the Tribunal.

## Facts

State Bank of India, through its Stressed Assets Resolution Group, filed a Company Appeal. The appeal was against multiple respondents, including India Power Corporation Ltd., Rural Electrification Corporation Limited, Punjab National Bank, Andhra Bank, Bank of India, United Bank of India, Punjab and Sindh Bank, Oriental Bank of Commerce, India Infra Fin Co. Limited, IDBI Bank, UCO Bank, PTC India Financial Services Limited, SBICAP Securities Limited, SBICAP Trustee Company Limited, and Meenakshi Energy Limited. The Appellant sought to withdraw the appeal, and the Tribunal considered this request.

## Issues and analysis

### Issue 1: Whether the Tribunal should permit the …

**Ratio:** A party has the right to withdraw an

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**Reasoning:** The Tribunal considered the request of the Appellant's Counsel to withdraw the Company

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**Interpretation:** The interpretation is that an appellant can withdraw a case, and the court has

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**Application:** The Appellant requested to withdraw the appeal, and the Tribunal applied its

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** State Bank of…
- **Respondents:** Meenakshi Energy…

## Timeline

- **2019-06-24 — Order Date…**: Order dated 24.06.2019 in IA/169/2019 in CP/660/241/HDB/2018 was passed by the National…
- **2019-01-01 — Company Appea…**: Company Appeal (AT)…

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