# In the matter of Aqua Designs India Pvt. Ltd. MA-403-2019 in CP-1022-IB-2018

> NCLT judgment dated 2019-04-30. Citation: TCN-2019-NCLT-03625. The document pertains to MA/403/2019 in CP/1022/IB/2018 before the National Company Law…

- **Court:** NCLT
- **Order date:** 30 Apr 2019
- **Citation:** TCN-2019-NCLT-03625
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aqua-designs-india-pvt-ltd-ma-403-2019-in-cp-1022-ib-2018-06f49710

## Summary

### Background

The document pertains to MA/403/2019 in CP/1022/IB/2018 before the National Company Law Tribunal (NCLT), Chennai Bench. The application was filed by the Resolution Professional. The hearing was held on April 30, 2019.

## Facts

The Resolution Professional filed a withdrawal request for application MA/403/2019, which was related to CP/1022/IB/2018. The NCLT, Chennai Bench, presided over by Shri B.S.V. Prakash Kumar (Judicial Member) and Shri S. Vijayaraghavan (Technical Member), considered the request. The NCLT then dismissed the application MA/403/2019 as withdrawn. The application was filed under Section 12(2) of the IBC. The petitioner is C. Ramasubramaniam RP and the respondent is Aqua Designs India Pvt Ltd.

## Issues and analysis

### Issue 1: Whether the withdrawal request filed by the Resolution Professional for MA/403/2019 should be …

**Ratio:** The legal principle applied here is the tribunal's discretion to allow or disallow a

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**Reasoning:** The tribunal considered the withdrawal request filed by the Resolution Professional and

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**Interpretation:** The interpretation involves understanding the provisions related to withdrawal

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**Application:** In this specific case, the tribunal applied its discretion to allow the

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** C.RAMASUBRAMANIAM…
- **Respondents:** AQUA DESIGNS…

## Timeline

- **2019-04-30 — Hearing…**: Hearing of Chennai Bench,…
- **2019-04-30 — Order…**: MA/403/2019 dismissed as withdrawn based on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(2) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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