# In the matter of Isinox Ltd. CP(IB) 1367(MB)-2018

> NCLT judgment dated 2019-05-01. Citation: TCN-2019-NCLT-03592. The case pertains to CP(IB) 1367(MB)/2018 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 1 May 2019
- **Citation:** TCN-2019-NCLT-03592
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/isinox-ltd-cpib-1367mb-2018-ae9fbb37

## Summary

### Background

The case pertains to CP(IB) 1367(MB)/2018 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The matter was heard by the Mumbai bench of the National Company Law Tribunal on May 1, 2019. World Metals & Alloys is the applicant, and Isinox Ltd is the respondent.

## Facts

World Metals & Alloys filed a petition CP(IB) 1367(MB)/2018 against Isinox Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the hearing on May 1, 2019, the counsel for the operational creditor, World Metals & Alloys, requested the court's permission to file a withdrawal memo. The court granted the request, and the withdrawal memo was taken on record. As a result, the court dismissed the petition.

## Issues and analysis

### Issue 1: Whether the court should grant leave to the …

**Ratio:** The court has the discretion to grant or deny leave to withdraw a petition based on the

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**Reasoning:** The court considered the request of the operational creditor's counsel to file a

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**Interpretation:** The interpretation is that the court can allow the withdrawal of a petition if

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**Application:** In this case, the court applied its discretion to allow the operational

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** World Metals &…
- **Respondents:** Isinox…

## Timeline

- **2018-01-01 — Case Fil…**: CP(IB) 1367(MB)/2018…
- **2019-05-01 — Hearing…**: Hearing of the Mumbai bench of 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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