# In the matter of Jindal Worldwide Pvt. Ltd. CP (IB) 352 of 2020

> NCLT judgment dated 2021-03-23. Citation: TCN-2021-NCLT-02596. The case pertains to an instant petition filed before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 23 Mar 2021
- **Citation:** TCN-2021-NCLT-02596
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jindal-worldwide-pvt-ltd-cp-ib-352-of-2020-157bec2f

## Summary

### Background

The case pertains to an instant petition filed before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The petitioner filed a pursis to prepone the matter, stating that the parties have entered into a settlement and the petitioner desires to withdraw the petition.

## Facts

Metroglobal Ltd filed a petition against Jindal Worldwide Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. The matter was scheduled for a hearing on March 31, 2021. However, the petitioner, Metroglobal Ltd, filed a pursis requesting the matter be preponed because the parties had reached a settlement and the petitioner wanted to withdraw the petition. The NCLT considered the request and allowed the withdrawal, dismissing the petition.

## Issues and analysis

### Issue 1: Whether the petitioner's request for withdrawal of the petition, based on a settlement between the …

**Ratio:** The legal principle applied is that a petitioner can withdraw a petition if the parties

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**Reasoning:** The court reasoned that since the parties had reached a settlement and the petitioner

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**Interpretation:** The interpretation is that the court has the discretion to allow the withdrawal

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**Application:** In this case, the petitioner filed a pursis stating that the parties had

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Metroglob…
- **Respondents:** Jindal Worldwide…

## Timeline

- **2021-03-23 — Hearing…**: Hearing of Ahmedabad Bench of the…
- **2021-03-31 — Scheduled Hear…**: The instant matter was initially…

## 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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