# 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-04023. The matter involves IAs 05/17, 06/2017, 28/2017 & 29/2017. The withdrawal memo filed by the…

- **Court:** NCLT
- **Order date:** 9 Apr 2019
- **Citation:** TCN-2019-NCLT-04023
- **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-2016-6ad87204

## Summary

### Background

The matter involves IAs 05/17, 06/2017, 28/2017 & 29/2017. The withdrawal memo filed by the Petitioner/Quinn Finance is taken up for hearing.

## Facts

Quinn Finance filed a petition, and subsequently filed a withdrawal memo. The matter was listed along with IAs 05/17, 06/2017, 28/2017 & 29/2017. A settlement was reported between the shareholders and creditors of Mack Soft Tech Private Limited. The petitioner, Quinn Finance, withdrew the petition. Counsel for the petitioner and respondent No. 5 were present during the hearing.

## Issues and analysis

### Issue 1: Whether the withdrawal of the petition by Quinn Finance should be accepted given the reported …

**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 and the reported

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

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**Application:** Given the reported settlement and the petitioner's explicit withdrawal, the

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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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