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

> NCLT judgment dated 2019-01-04. Citation: TCN-2019-NCLT-05327. The case pertains to a transfer petition before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 4 Jan 2019
- **Citation:** TCN-2019-NCLT-05327
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/meena-jewellers-pvt-ltd-cpib-no-305-9-hdb-2018-90ece98f

## 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 petition was pending before the NCLT, Hyderabad Bench. Before the petition was admitted, both parties reached a settlement. A memo was filed with the NCLT, indicating the settlement and requesting permission to withdraw the petition. The counsel for both the operational creditor (Rosy Blue) and the corporate debtor (Meena Jewellers) were present during the hearing.

## 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 claim and a memo for

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**Interpretation:** The interpretation of Rule 8 of I & B (AAA) Rules, 2016, allows for the

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**Application:** In this case, the court applied Rule 8 by granting permission to Rosy Blue

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Rosy Blue (India)…
- **Respondents:** Meena Jewellers…
- **Advocates:** Chintala…; RAJASEKHAR…; +1 more

## Timeline

- **2019-02-04 — Hearing…**: Hearing held on February…
- **2018-01-01 — Petition…**: CP(IB) No.305/9/HDB/2018…

## 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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