# In the matter of Maa Mangla Ispat (P) Ltd. CP (IB) No. 900-KB-2018

> NCLT judgment dated 2019-02-01. Citation: TCN-2019-NCLT-05040. The case involves M/s T.R. Chemicals Ltd. against Maa Mangla Ispat (p) Ltd. before the National…

- **Court:** NCLT
- **Order date:** 1 Feb 2019
- **Citation:** TCN-2019-NCLT-05040
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maa-mangla-ispat-p-ltd-cp-ib-no-900-kb-2018-d91209bc

## Summary

### Background

The case involves M/s T.R. Chemicals Ltd. against Maa Mangla Ispat (p) Ltd. before the National Company Law Tribunal, Kolkata Bench. The Operational Creditor sought to withdraw the matter.

## Facts

M/s T.R. Chemicals Ltd. initiated proceedings against Maa Mangla Ispat (p) Ltd. before the NCLT Kolkata Bench. The Operational Creditor, represented by Pranay Agarwal and Saurav Jain, sought to withdraw the matter. The Corporate Debtor was represented by Zeeshan Haque and Tanay Agarwal. The Corporate Debtor had been granted leave to file a supplementary affidavit, subject to a cost of Rs. 5,000/- to be paid to the Advocate-on-record. The court considered the application for withdrawal and noted that since the application itself was being withdrawn, all interim orders would be set aside.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should …

**Ratio:** The principle is that a party is generally allowed to withdraw a matter they initiated,

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**Reasoning:** The court considered the Operational Creditor's request to withdraw the matter and the

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**Interpretation:** The interpretation is that the court has the power to allow or deny the

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**Application:** In this case, the court allowed the withdrawal, indicating that it found no

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## Parties

- **Judges:** Madan B.…
- **Appellants:** M/s T. R.…
- **Respondents:** Maa Mangla Ispat…
- **Advocates:** Pranay Ag…; Saurer…; +2 more

## Timeline

- **2019-02-01 — Hearing…**: Hearing held on February…
- **N/A — Withdrawal of…**: Operational Creditor seeks…

## 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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