# In the matter of Hetero Wind Power (Pennar) Pvt. Ltd. Company Petition IB-50-2021

> NCLT judgment dated 2021-06-18. Citation: TCN-2021-NCLT-01951. The case pertains to a Company Petition (IB/50/2021) before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 18 Jun 2021
- **Citation:** TCN-2021-NCLT-01951
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hetero-wind-power-pennar-pvt-ltd-company-petition-ib-50-2021-951ce381

## Summary

### Background

The case pertains to a Company Petition (IB/50/2021) before the National Company Law Tribunal (NCLT), Hyderabad Bench. The Operational Creditor's counsel appeared, while no one appeared for the Corporate Debtor. The Operational Creditor submitted that the matter has been settled and a memo has been filed.

## Facts

The Company Petition IB/50/2021 was filed before the NCLT Hyderabad Bench. The Operational Creditor's counsel appeared, indicating a settlement had been reached. No one appeared for the Corporate Debtor. The Operational Creditor's counsel submitted that the matter had been settled and a memo was filed. Based on this, the Operational Creditor sought to withdraw the petition. The relevance of the settlement is that it provided the basis for the withdrawal request.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the Company Petition …

**Ratio:** A party can withdraw a petition if the matter has been settled and no prejudice is caused

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**Reasoning:** The court reasoned that since the Operational Creditor submitted that the matter had been

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**Interpretation:** This legal issue involves interpreting the provisions of the Insolvency and

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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:** Madan B.…; Veera Brahma Rao…
- **Appellants:** EN EN Electrical…
- **Respondents:** Hetero Wind Power…

## Timeline

- **2021-06-18 — Hearing…**: Hearing held on 18.06.2021 at 10:30 AM through…

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