# In the matter of Inox Wind Limited CP (IB) No.342-Chd-HP-2018

> NCLT judgment dated 2018-12-20. Citation: TCN-2018-NCLT-00041. Yusen Logistics (India) Private Limited, an operational creditor, filed a petition against Inox…

- **Court:** NCLT
- **Order date:** 20 Dec 2018
- **Citation:** TCN-2018-NCLT-00041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/inox-wind-limited-cp-ib-no342-chd-hp-2018-b78dad03

## Summary

### Background

Yusen Logistics (India) Private Limited, 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 sought to withdraw the petition as the matter was settled.

## Facts

Yusen Logistics (India) Private Limited, the operational creditor, initiated proceedings against Inox Wind Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor then sought to withdraw the petition, stating that the matter had been settled. The court permitted the withdrawal and dismissed the petition without granting liberty to file a fresh petition on the same cause of action. The key fact is the settlement between the parties leading to the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted …

**Ratio:** A petitioner is generally allowed to withdraw a petition if the matter has been settled

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**Reasoning:** The court reasoned that the petitioner's counsel sought to withdraw the petition because

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**Interpretation:** The interpretation is that a party can withdraw a petition if the underlying

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**Application:** In this case, the petitioner's statement that the matter was settled justified

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Yusen Logistics…
- **Respondents:** Inox Wind L…

## Timeline

- **2018-12-20 — Order Del…**: The order was delivered…

## 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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