# In the matter of ABC Techno Labs India Pvt. Ltd. IBA-525-2019

> NCLT judgment dated 2019-08-02. Citation: TCN-2019-NCLT-02119. The case pertains to an application filed under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 2 Aug 2019
- **Citation:** TCN-2019-NCLT-02119
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abc-techno-labs-india-pvt-ltd-iba-525-2019-68ec753e

## Summary

### Background

The case pertains to an application filed under the Insolvency and Bankruptcy Code (IBC). The Operational Creditor filed a withdrawal memo, leading to the dismissal of the case.

## Facts

The Precision Scientific Co filed an application (IBA/525/2019) against ABC Techno Labs India Pvt Ltd. The Operational Creditor (The Precision Scientific Co) subsequently filed a withdrawal memo. The NCLT Chennai Bench, presided over by Shri B.S.V. Prakash Kumar (Member-Judicial) and Shri S. Vijayaraghavan (Member-Technical), dismissed the application as withdrawn.

## Issues and analysis

### Issue 1: Whether the application IBA/525/2019 can be dismissed as withdrawn based on the withdrawal memo …

**Ratio:** The legal principle applied is that an applicant can withdraw their application, leading

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**Reasoning:** The court reasoned that since the Operational Creditor's counsel filed a withdrawal memo,

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**Interpretation:** This interpretation aligns with the procedural rules allowing applicants to

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**Application:** In this specific case, the filing of the withdrawal memo by the Operational

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** THE PRECISION…
- **Respondents:** ABC TECHNO LABS…

## Timeline

- **2019-08-02 — Hearing…**: Hearing held at 10:30 AM at the Chennai…
- **N/A — Withdrawal Me…**: The Operational Creditor's…

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