# In the matter of Future Enterprises Ltd. C.P. (IB)-678(MB)2021

> NCLT judgment dated 2021-11-16. Citation: TCN-2021-NCLT-00481. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 16 Nov 2021
- **Citation:** TCN-2021-NCLT-00481
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/future-enterprises-ltd-cp-ib-678mb2021-67950d50

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The order sheet reflects the hearing held on November 16, 2021. The petitioner's counsel filed a withdrawal memo, stating that the entire outstanding amount has been received and seeking to withdraw the petition.

## Facts

The case involves Blue Star Ltd as the petitioner and Future Enterprises Ltd as the respondent. The petitioner, Blue Star Ltd, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the hearing on November 16, 2021, the petitioner's counsel, Ms. Apoorva Kulkarni i/b M/s. V. Deshpande & Co., filed a withdrawal memo, stating that the entire outstanding amount had been received. Mr. Jahan A. Chokshi i/b Naik Naik & Co. appeared as counsel for the respondent. The court then dismissed the petition [CP.678/2021] as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as withdrawn based on the petitioner's counsel's statement …

**Ratio:** A petition can be dismissed as withdrawn when the petitioner expresses a desire to

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**Reasoning:** The court accepted the petitioner's counsel's statement that the entire outstanding

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**Interpretation:** This aligns with the principle that legal proceedings should be terminated when

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**Application:** In this specific case, the petitioner's counsel's statement about receiving the

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## Parties

- **Judges:** RAJESH S…; SUCHITRAKAN…
- **Appellants:** Blue Star…
- **Respondents:** FUTURE ENTERPRISES…

## Timeline

- **2021-11-16 — Hearing…**: Order sheet of the…
- **N/A — Withdrawal Me…**: Counsel for the Petitioner filed a withdrawal memo stating the entire outstanding amount…

## 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)

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