# In the matter of Meena Jewellers Pvt. Ltd. CP(IB) No. 305-9-HDB-2018

> NCLT judgment dated 2019-02-04. Citation: TCN-2019-NCLT-05035. The case pertains to a transfer petition before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 4 Feb 2019
- **Citation:** TCN-2019-NCLT-05035
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/meena-jewellers-pvt-ltd-cpib-no-305-9-hdb-2018-2b1758b7

## Summary

### Background

The case pertains to a transfer petition before the National Company Law Tribunal (NCLT), Hyderabad Bench. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). Rosy Blue (India) Pvt Ltd is the petitioner, and Meena Jewellers Pvt Ltd is the respondent. The matter was listed for hearing on February 4, 2019.

## Facts

Rosy Blue (India) Pvt Ltd filed a petition against Meena Jewellers Pvt Ltd under Section 9 of the IBC. The counsel for both the operational creditor (Rosy Blue) and the corporate debtor (Meena Jewellers) were present during the hearing. A memo was filed stating that both parties had settled their claims. The petition had not yet been admitted by the NCLT. The settlement between the parties is the key fact that led to the withdrawal and dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the operational creditor should be granted permission to withdraw the petition under Rule 8 …

**Ratio:** Rule 8 of the I & B (AAA) Rules, 2016 allows for the withdrawal of a petition under

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**Reasoning:** The court reasoned that since the parties had settled their claims and a memo for

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**Interpretation:** This interprets Rule 8 of I & B (AAA) Rules, 2016 to allow withdrawal based

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Appellants:** Rosy Blue (India)…
- **Respondents:** Meena Jewellers…

## Timeline

- **2018-01-01 — Petition…**: CP(IB) No.305/9/HDB/2018…
- **2019-02-04 — Hearing…**: Hearing held on 04.02.2019 at 10.30 AM. Memo filed for withdrawal due to settlement.…

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