# In the matter of Mack Soft Tech Private Limited IA No. 05,06,,28 & 29-2017 in CP No. 13-213-HDB-2016

> NCLT judgment dated 2019-04-09. Citation: TCN-2019-NCLT-04032. The matter involves a company petition and several interlocutory applications (IAs 05/17,…

- **Court:** NCLT
- **Order date:** 9 Apr 2019
- **Citation:** TCN-2019-NCLT-04032
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mack-soft-tech-private-limited-ia-no-050628-29-2017-in-cp-no-13-213-hdb-2016-1500f439

## Summary

### Background

The matter involves a company petition and several interlocutory applications (IAs 05/17, 06/2017, 28/2017 & 29/2017) listed together. The petitioner, Quinn Finance, filed a withdrawal memo, which was taken up for hearing. The court noted a reported settlement between shareholders and creditors of the company.

## Facts

Quinn Finance filed a company petition (CP No.13/213/HDB/2016) along with several interlocutory applications (IAs 05/17, 06/2017, 28/2017 & 29/2017). Quinn Finance subsequently filed a withdrawal memo, indicating a settlement between the company's shareholders and creditors. The court took up the withdrawal memo for hearing. Counsel for Quinn Finance and counsel for Respondent No. 5 were present. The court, after reviewing the withdrawal memo, dismissed the main petition as withdrawn and disposed of the IAs as infructuous. The underlying reason for the withdrawal was a settlement between the shareholders and creditors of Mack Soft Tech Private Limited.

## Issues and analysis

### Issue 1: Whether the withdrawal memo filed by the …

**Ratio:** A party has the right to withdraw a petition, especially when a settlement has been

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**Reasoning:** The court acknowledged the withdrawal memo filed by the petitioner, Quinn Finance, and

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**Interpretation:** The legal principle allows a petitioner to voluntarily withdraw a petition,

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**Application:** The court accepted the withdrawal memo because the petitioner indicated a

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Quinn Fi…
- **Respondents:** Mack Soft Tech…

## Timeline

- **2017-05-01 — IA Filin…**: IA 05/2017 wa…
- **2017-06-01 — IA Filin…**: IA 06/2017 wa…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 213 — Core services, etc. of information utilities](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-213)

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