# In the matter of Grid India Power Cables Pvt. Ltd. (IB)-205 (ND)-2017

> NCLT judgment dated 2017-08-28. Citation: TCN-2017-NCLT-00522. The case involves Bank of Maharashtra as the applicant, seeking to withdraw the matter before…

- **Court:** NCLT
- **Order date:** 28 Aug 2017
- **Citation:** TCN-2017-NCLT-00522
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/grid-india-power-cables-pvt-ltd-ib-205-nd-2017-1cb25f1b

## Summary

### Background

The case involves Bank of Maharashtra as the applicant, seeking to withdraw the matter before the New Delhi Bench of the National Company Law Tribunal (NCLT). The case was mentioned but not listed for the day's proceedings. The applicant bank sought withdrawal based on a proposed compromise.

## Facts

The Bank of Maharashtra, acting as the Financial Creditor, filed a case against M/s Grid India Power Cables Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The case was mentioned but not listed for hearing on the specified date. The Ld. Counsel for the Petitioner submitted that the applicant Bank had instructions to withdraw the matter due to a proposed compromise. The court then dismissed the case as withdrawn.

## Issues and analysis

### Issue 1: Whether the applicant, Bank of Maharashtra, can withdraw the case filed under Section 7 of the IBC, …

**Ratio:** The legal principle is that an applicant can withdraw a case if there is a valid reason,

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**Reasoning:** The court reasoned that the Ld. Counsel for the Petitioner submitted that the applicant

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**Interpretation:** This issue involves the interpretation of the procedural aspects of the IBC,

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**Application:** In this case, the ratio and reasoning are applied to the fact that the Bank of

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## Parties

- **Judges:** S. K. MOH…; Ina Mal…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** M/s Grid India…
- **Advocates:** Navin Th…; Hemant Ch…; +2 more

## Timeline

- **2017-08-28 — Hearing…**: Hearing before the New Delhi Bench of…
- **N/A — Case With…**: Applicant Bank sought to withdraw the…

## 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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