# In the matter of Integrated Livestock Village Farm Pvt. Ltd. (IB)-1160(PB)-2019

> NCLT judgment dated 2021-01-04. Citation: TCN-2021-NCLT-03423. The case involves a withdrawal application moved by the creditor, Jammu & Kashmir Bank Ltd., in…

- **Court:** NCLT
- **Order date:** 4 Jan 2021
- **Citation:** TCN-2021-NCLT-03423
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/integrated-livestock-village-farm-pvt-ltd-ib-1160pb-2019-a9b10183

## Summary

### Background

The case involves a withdrawal application moved by the creditor, Jammu & Kashmir Bank Ltd., in relation to an insolvency petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Intergrated Livestock Village Farm Pvt Ltd. The withdrawal application was supported by Form FA and a resolution of the Committee of Creditors (CoC) with 100% approval.

## Facts

Jammu & Kashmir Bank Ltd. filed an insolvency petition against Intergrated Livestock Village Farm Pvt Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. Subsequently, Jammu & Kashmir Bank Ltd. moved a withdrawal application, supported by Form FA and a resolution from the Committee of Creditors (CoC) with 100% approval. The NCLT considered this withdrawal application.

## Issues and analysis

### Issue 1: Whether the withdrawal application filed by the creditor, supported by Form FA and a 100% approval …

**Ratio:** The legal principle applied is that a creditor can withdraw an insolvency petition if it

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**Reasoning:** The court reasoned that the withdrawal application was supported by the necessary

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**Interpretation:** The interpretation of the law is that the tribunal has the discretion to allow

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**Application:** In this case, the ratio and reasoning were applied to the specific facts by

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## Parties

- **Judges:** B.S.V. Prakash…; HEMANT KUMAR…
- **Appellants:** Jammu & Kashmir…
- **Respondents:** Intergrated…

## Timeline

- **2021-01-04 — Order Del…**: Order delivered on the…

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