# In the matter of Biotech LIfespan  Pvt. Ltd. TP 198-2019 {CP(IB) 370-2019}

> NCLT judgment dated 2020-02-27. Citation: TCN-2020-NCLT-01790. The case pertains to an IB Petition filed before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 27 Feb 2020
- **Citation:** TCN-2020-NCLT-01790
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/biotech-lifespan-pvt-ltd-tp-198-2019-cpib-370-2019-0c47f956

## Summary

### Background

The case pertains to an IB Petition filed before the National Company Law Tribunal (NCLT), Indore Bench at Ahmedabad. The applicant, the operational creditor, sought to initiate insolvency proceedings against the corporate debtor, Biotech Lifespan Pvt Ltd. The matter was listed for hearing on 27.02.2020.

## Facts

The key facts are as follows: An IB Petition (TP 198 of 2019 [CP(IB) 370 of 2019]) was filed before the NCLT, Indore Bench at Ahmedabad. The operational creditor, whose name is not explicitly mentioned, decided not to proceed with the petition because the matter was settled out of court. The operational creditor received Rs. 11,67,900 towards settlement. The case involves Noble Printing Press V/s Biotech Lifespan Pvt Ltd. The petition was filed under Section 9 of the Insolvency & Bankruptcy Code. The operational creditor submitted a memo for withdrawal of the IB Petition.

## Issues and analysis

### Issue 1: Whether the NCLT should allow the withdrawal of the IB Petition based on the settlement between the …

**Ratio:** The legal principle applied is that a party can withdraw a petition if the matter has

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**Reasoning:** The court reasoned that since the operational creditor, who initiated the petition, no

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**Interpretation:** This interpretation allows for flexibility in insolvency proceedings,

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**Application:** In this specific case, the operational creditor received Rs. 11,67,900 towards

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Respondents:** Biotech Lifespan…

## Timeline

- **2020-02-27 — Hearing…**: Hearing of the IB Petition before the…
- **2020-02-27 — Order Da…**: The NCLT disposed of the…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/biotech-lifespan-pvt-ltd-tp-198-2019-cpib-370-2019-0c47f956