# In the matter of Lyka Labs Ltd. C.P. (IB) No. 603-9-NCLT-AHM-2018

> NCLT judgment dated 2019-04-09. Citation: TCN-2019-NCLT-03997. The case pertains to C.P. (I.B) No. 603/9/NCLT/AHM/2018 before the Ahmedabad Bench of the…

- **Court:** NCLT
- **Order date:** 9 Apr 2019
- **Citation:** TCN-2019-NCLT-03997
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lyka-labs-ltd-cp-ib-no-603-9-nclt-ahm-2018-f7ff0967

## Summary

### Background

The case pertains to C.P. (I.B) No. 603/9/NCLT/AHM/2018 before the Ahmedabad Bench of the National Company Law Tribunal. The matter involves Mac-chem Products (I) Pvt. Ltd. V/s. Lyka Labs Ltd. An application was filed under Section 9 of the Insolvency and Bankruptcy Code.

## Facts

Mac-chem Products (I) Pvt. Ltd. filed a petition against Lyka Labs Ltd. under Section 9 of the Insolvency and Bankruptcy Code before the Ahmedabad Bench of the National Company Law Tribunal. The petitioner, represented by Mr. Aditya Pandya, sought to withdraw the petition by filing a pursis. The court granted permission, and the petition was dismissed as withdrawn. The key fact is the withdrawal of the petition by the petitioner, leading to the dismissal of the case.

## Issues and analysis

### Issue 1: Whether the petitioner can be granted permission to withdraw the petition filed under Section 9 of …

**Ratio:** A petitioner has the right to withdraw a petition filed before the NCLT, subject to the

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**Reasoning:** The court considered the request for withdrawal made by the petitioner's lawyer and found

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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 to withdraw the petition, and the

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## Parties

- **Judges:** Manorama…
- **Appellants:** Mac-chem Products…
- **Respondents:** Lyka Labs…
- **Advocates:** Priyank S.…; Aditya…; +4 more

## Timeline

- **2018-01-01 — Case Fil…**: C.P. (I.B) No.…
- **2019-04-09 — Hearing…**: Hearing of Ahmedabad 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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