# In the matter of Ferrous Township Private Limited IA-5330-2020 in (IB)-967(ND)-2020

> NCLT judgment dated 2020-12-14. Citation: TCN-2020-NCLT-00097. The case pertains to a withdrawal application filed by the Petitioner to withdraw the main…

- **Court:** NCLT
- **Order date:** 14 Dec 2020
- **Citation:** TCN-2020-NCLT-00097
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ferrous-township-private-limited-ia-5330-2020-in-ib-967nd-2020-18ed2246

## Summary

### Background

The case pertains to a withdrawal application filed by the Petitioner to withdraw the main Petition, (IB)-967(ND)/2020. The matter was heard by the National Company Law Tribunal, New Delhi, Special Bench (Court – II).

## Facts

ICICI Limited filed a petition against Ferrous Township Private Limited. The petitioner subsequently filed a withdrawal application to withdraw the main petition (IB)-967(ND)/2020. The withdrawal application was allowed, and the petition was dismissed as withdrawn. All other pending applications related to the same petition were closed. The order was delivered on 14.12.2020.

## Issues and analysis

### Issue 1: Whether the withdrawal application filed by the Petitioner should be allowed, resulting in the …

**Ratio:** The legal principle applied is the acceptance of a petitioner's request to withdraw their

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**Reasoning:** The court reasoned that the petitioner had filed a withdrawal application, indicating

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**Interpretation:** The interpretation involves understanding the petitioner's right to withdraw a

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SHRI. B. S. V.…; Shri. L. N.…
- **Appellants:** ICICI Li…
- **Respondents:** Ferrous Township…
- **Advocates:** Sanjeev…; Abhishek…; +2 more

## Timeline

- **N/A — Filing of P…**: ICICI Limited filed a petition (IB)-967(ND)/2020…
- **N/A — Withdrawal App…**: The Petitioner filed a withdrawal…

## 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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