# In the matter of Bhoruka Power Corporation Ltd. C.P. (IB) No. 225-BB-2019

> NCLT judgment dated 2019-07-31. Citation: TCN-2019-NCLT-02184. Oarsman Credit Pvt. Ltd. (formerly Battle Vyapaar Pvt. Ltd.) filed C.P. (IB) No.225/BB/2019…

- **Court:** NCLT
- **Order date:** 31 Jul 2019
- **Citation:** TCN-2019-NCLT-02184
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhoruka-power-corporation-ltd-cp-ib-no-225-bb-2019-98852ec4

## Summary

### Background

Oarsman Credit Pvt. Ltd. (formerly Battle Vyapaar Pvt. Ltd.) filed C.P. (IB) No.225/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bhoruka Power Corporation Limited, alleging a default of Rs. 1,90,64,932/-, including a principal amount of Rs. 1,75,00,000/- and interest of Rs. 15,64,932/-. The case was listed for admission on multiple dates but was adjourned due to various reasons, including requests from the parties to complete pleadings and settle the issue.

## Facts

Oarsman Credit Pvt. Ltd. (formerly Battle Vyapaar Pvt. Ltd.) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhoruka Power Corp. Ltd. The application, C.P. (IB) No.225/BB/2019, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Bhoruka Power Corp. Ltd. due to a default of Rs. 1,90,64,932/-, comprising a principal amount of Rs. 1,75,00,000/- and interest of Rs. 15,64,932/-. The case was listed on multiple dates for admission. The Petitioner's counsel submitted that the matter had been amicably settled between the parties, and sought permission to withdraw the petition. The Respondent's counsel also confirmed the settlement. This amicable settlement is the key fact that led to the withdrawal of the

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## Issues and analysis

### Issue 1: Whether the petitioner should be permitted to withdraw the company petition in light of the …

**Ratio:** The Tribunal has the discretion to allow the withdrawal of a company petition, especially

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**Reasoning:** The Tribunal considered the submissions of both the petitioner's and respondent's

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**Interpretation:** The interpretation of the law allows for the withdrawal of a petition when the

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**Application:** In this case, since the petitioner and respondent had settled the issue

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Oarsman Credit…
- **Respondents:** Bhoruka Power…

## Timeline

- **2019-07-31 — Date of…**: Final order issued disposing…
- **2019-07-05 — Listing…**: Case listed for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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