# In the matter of Electra Global Resources Pvt. Ltd. M.A 148-2020 in C.P.(IB)-746(MB)-2019

> NCLT judgment dated 2020-01-27. Citation: TCN-2020-NCLT-02184. The case involves an application for withdrawal of a company petition before the formation of…

- **Court:** NCLT
- **Order date:** 27 Jan 2020
- **Citation:** TCN-2020-NCLT-02184
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/electra-global-resources-pvt-ltd-ma-148-2020-in-cpib-746mb-2019-6b672987

## Summary

### Background

The case involves an application for withdrawal of a company petition before the formation of the Committee of Creditors (COC). The Interim Resolution Professional (IRP) had previously submitted that the COC had not been constituted and no claims were received. The applicant's counsel filed an affidavit enclosing a scanned copy of Form FA for withdrawal of the petition.

## Facts

Shree Balaji Metal & Alloys filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Electra Global Resources Pvt Ltd. An application was filed by the Resolution Professional (RP) for withdrawal of the petition before the formation of the Committee of Creditors (COC). The IRP had previously stated that the COC had not been constituted and no claims were received. The applicant's counsel submitted Form FA for withdrawal. The court considered the application and allowed the withdrawal, recalling the admission order and closing the company petition. The IRP was discharged and directed to hand over the company to the erstwhile directors.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition should be allowed before the …

**Ratio:** Rule 11 of the NCLT Rules, 2016 allows the Tribunal to make such orders or give such

…

**Reasoning:** The court was satisfied with the pleadings in the application and invoked Rule 11 of the

…

**Interpretation:** Rule 11 of the NCLT Rules provides the NCLT with broad powers to ensure its

…

**Application:** The court applied Rule 11 to the specific facts of the case, where the COC had

…

## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Appellants:** Shree Balaji…
- **Respondents:** Electra Global…

## Timeline

- **2020-01-27 — Hearing…**: Hearing of the Mumbai Bench of the…
- **N/A — Application for…**: Application filed for withdrawal of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

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/electra-global-resources-pvt-ltd-ma-148-2020-in-cpib-746mb-2019-6b672987