Harbour Water Suppliers Company Pvt. Ltd. initiated insolvency proceedings against Bhambhani Shipping Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed. Before the constitution of a committee of creditors, the petitioner sought to withdraw the petition through the IRP. The Tribunal considered the withdrawal request, referencing the Supreme Court's judgment in 'Swiss Ribbons Pvt. Ltd. & Another Vs Union of India & Others', which clarified the process after the admission of a creditor's petition. The key fact is that the withdrawal application was made before the committee of creditors was formed, allowing the Tribunal to exercise its inherent powers under Rule 11 of the NCLT Rules.

Harbour Water Suppliers Company Pvt. Ltd. initiated insolvency proceedings against Bhambhani Shipping Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed. Before the constitution of a committee of creditors, the petitioner sought to withdraw the petition through the IRP. The Tribunal considered the withdrawal request, referencing the Supreme Court's judgment in 'Swiss Ribbons Pvt. Ltd. & Another Vs Union of India & Others', which clarified the process after the admission of a creditor's petition. The key fact is that the withdrawal application was made before the committee of creditors was formed, allowing the Tribunal to exercise its inherent powers under Rule 11 of the NCLT Rules.