# In the matter of Delta Electro Mechanical Pvt. Ltd. C.P. (IB)-1776-(MB)-2017

> NCLT judgment dated 2019-07-03. Citation: TCN-2019-NCLT-02701. The case involves Ambuj Kumar Ratogi as the petitioner and Delta Electro Mechanical Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 3 Jul 2019
- **Citation:** TCN-2019-NCLT-02701
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/delta-electro-mechanical-pvt-ltd-cp-ib-1776-mb-2017-73767270

## Summary

### Background

The case involves Ambuj Kumar Ratogi as the petitioner and Delta Electro Mechanical Pvt. Ltd. as the respondent. The matter pertains to Sections 8 & 9 of the Insolvency and Bankruptcy Code. The parties have submitted consent terms, and a schedule of payment has been agreed upon. The petitioner has received the first installment of ₹5,00,000 on 17.06.2019 and undertakes to make the rest of the payment as agreed upon.

## Facts

Ambuj Kumar Ratogi filed a petition against Delta Electro Mechanical Pvt. Ltd. under Sections 8 & 9 of the Insolvency and Bankruptcy Code. Both parties submitted consent terms, agreeing on a payment schedule. The first installment of ₹5,00,000 was received by the petitioner on 17.06.2019. The schedule of payments includes multiple cheques from Oriental Bank of Commerce, totaling ₹25,00,000, with the final payment due by 17.11.2019. The petitioner sought permission to withdraw the petition based on these consent terms. The court granted permission for withdrawal, contingent on the agreed-upon payments being made. Any defiance of the consent terms allows the petitioner to bring the matter before the bench again.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted permission to withdraw the petition based on the consent …

**Ratio:** A petition can be withdrawn if both parties agree and fulfill certain conditions, such as

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**Reasoning:** The court granted permission to withdraw the petition because both parties had filed

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**Interpretation:** This indicates that the court is willing to allow withdrawal of petitions when

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**Application:** The court applied this principle by allowing the withdrawal of the petition,

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Ambuj Kumar…
- **Respondents:** Delta Electro…

## Timeline

- **2019-06-17 — Consent Terms…**: Consent Terms duly…
- **2019-06-17 — First Installment…**: First installment of ₹…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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