# In the matter of Essar Bulk Terminal (Salaya) Ltd. C.P. (IB) No. 498-NCLT-AHM-2018

> NCLT judgment dated 2020-02-14. Citation: TCN-2020-NCLT-01959. The case pertains to CP(IB) No.498/NCLT/AHM/2019 before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 14 Feb 2020
- **Citation:** TCN-2020-NCLT-01959
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/essar-bulk-terminal-salaya-ltd-cp-ib-no-498-nclt-ahm-2018-01c9dea7

## Summary

### Background

The case pertains to CP(IB) No.498/NCLT/AHM/2019 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The matter involves Punjab National Bank as the applicant and Essar Bulk Terminal (Salaya) Ltd as the respondent. A learned lawyer representing the petitioner filed a withdrawal memo to withdraw the instant petition.

## Facts

Punjab National Bank filed an insolvency petition against Essar Bulk Terminal (Salaya) Ltd under Section 7 of the Insolvency and Bankruptcy Code. The case was registered as CP(IB) No.498/NCLT/AHM/2019 before the NCLT Ahmedabad Bench. During the proceedings, the petitioner, Punjab National Bank, through its learned lawyer, filed a withdrawal memo seeking to withdraw the insolvency petition. The court granted permission for the withdrawal, leading to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the petitioner's request for withdrawal of …

**Ratio:** The court has the discretion to allow the withdrawal of an insolvency petition if it

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**Reasoning:** The court considered the request of the petitioner, Punjab National Bank, to withdraw the

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**Interpretation:** The interpretation is that the court can allow the withdrawal of a petition if

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**Application:** In this case, the petitioner filed a withdrawal memo, and the court granted

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Punjab National…
- **Respondents:** Essar Bulk…
- **Advocates:** SUNIL BH…; B. MD…; +3 more

## Timeline

- **2019-01-01 — Case Fil…**: CP(IB) 498/2019 filed…
- **2020-02-14 — Hearing and…**: The NCLT Ahmedabad Bench heard the matter and dismissed CP(IB) 498/2019 as withdrawn,…

## 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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