# In the matter of Emmtech Farms Pvt. Ltd. CA(IB)No. 1177-KB-2019 in C.P. (IB) No. 68-KB-2018

> NCLT judgment dated 2019-10-30. Citation: TCN-2019-NCLT-00781. The case involves an application for withdrawal of a petition filed by the Operational…

- **Court:** NCLT
- **Order date:** 30 Oct 2019
- **Citation:** TCN-2019-NCLT-00781
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/emmtech-farms-pvt-ltd-caibno-1177-kb-2019-in-cp-ib-no-68-kb-2018-ff8d8e82

## Summary

### Background

The case involves an application for withdrawal of a petition filed by the Operational Creditor, CA(IB)No.1177/KB/2019, due to a settlement reached between the parties. The Interim Resolution Professional (IRP) reports a lack of cooperation from the applicant and the Corporate Debtor.

## Facts

The Operational Creditor filed CA(IB)No.1177/KB/2019 seeking to initiate insolvency proceedings against the Corporate Debtor, Jeco Agrovet Pvt.Ltd.-Vs- Emmtech Farms Pvt.Ltd. However, a settlement was reached between the parties. The IRP reported a lack of cooperation from both the applicant and the Corporate Debtor. The CoC has not been formed yet. The Operational Creditor requested the withdrawal of the petition based on the settlement. The court considered the settlement and the IRP's report.

## Issues and analysis

### Issue 1: Whether the withdrawal of the petition filed by the Operational Creditor can be allowed based on …

**Ratio:** The court has inherent powers under Rule 11 of NCLT Rules to allow withdrawal of a

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**Reasoning:** The court reasoned that since a settlement was reached and the CoC was not yet formed, it

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**Interpretation:** Rule 11 of NCLT Rules grants the court inherent powers to make orders necessary

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**Application:** The court applied Rule 11 to the facts of the case, where a settlement was

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Emmtech Farms…; Jeco Agrovet…
- **Advocates:** Ratul…; Sarits Ap…

## Timeline

- **2019-10-30 — Hearing…**: Hearing held on October…
- **N/A — Filing of Withdrawal…**: Operational Creditor filed CA(IB)No.1177/KB/2019 for withdrawal of the Petition on the…

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