# In the matter of Inox Wind Limited CP (IB) No. 24-Chd-HP-2018

> NCLT judgment dated 2019-07-19. Citation: TCN-2019-NCLT-02426. The case involves Shiva Transport Co., the operational creditor/petitioner, and Inox Wind…

- **Court:** NCLT
- **Order date:** 19 Jul 2019
- **Citation:** TCN-2019-NCLT-02426
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/inox-wind-limited-cp-ib-no-24-chd-hp-2018-85a44bd2

## Summary

### Background

The case involves Shiva Transport Co., the operational creditor/petitioner, and Inox Wind Limited, the respondent/corporate debtor. Shiva Transport Co. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner sought to withdraw the petition, submitting a withdrawal memo detailing cheque information and payment schedules.

## Facts

Shiva Transport Co., an operational creditor, filed a petition against Inox Wind Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner subsequently sought to withdraw the petition and submitted a withdrawal memo detailing cheque payments and payment schedules, including a payment to be made via RTGS. The respondent-Corporate Debtor provided an undertaking. The court considered the withdrawal memo and the undertaking, ultimately dismissing the petition as withdrawn, with liberty to the petitioner to mention the case in the event of default of payment as per the schedule outlined in the withdrawal memo. The key fact is the withdrawal of the petition based on the withdrawal memo and the undertaking by the Corporate

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## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor can be dismissed as withdrawn based on the …

**Ratio:** A petition can be dismissed as withdrawn when the petitioner seeks withdrawal and the

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**Reasoning:** The court considered the contents of the withdrawal memo, which included details of

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**Interpretation:** This case interprets the procedural aspects of withdrawing a petition under the

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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:** M.K. Sh…; Pradeep R.…
- **Appellants:** Shiva Transport…
- **Respondents:** Inox Wind L…

## Timeline

- **2019-07-19 — Withdrawa…**: A withdrawal memo dated 19.07.2019 was placed on record by the authorized representative…
- **2019-07-19 — Order Del…**: The court delivered an order dismissing the petition as withdrawn, with liberty to the…

## 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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