# In the matter of Metro Irrigation Pvt. Ltd. IB-2263(ND)-2019

> NCLT judgment dated 2020-09-09. Citation: TCN-2020-NCLT-00675. M/s. Narang Fastners filed a Section 9 application under the IBC against M/s. Metro Irrigation…

- **Court:** NCLT
- **Order date:** 9 Sept 2020
- **Citation:** TCN-2020-NCLT-00675
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/metro-irrigation-pvt-ltd-ib-2263nd-2019-94f7a88c

## Summary

### Background

M/s. Narang Fastners filed a Section 9 application under the IBC against M/s. Metro Irrigation Pvt. Ltd. The operational creditor sought to withdraw the application.

## Facts

M/s. Narang Fastners, the operational creditor, initiated proceedings against M/s. Metro Irrigation Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). Subsequently, M/s. Narang Fastners filed IA No. 3428 of 2020 seeking permission to withdraw the Section 9 application. The IRP confirmed that the operational creditor had paid all fees and dues. The tribunal considered the withdrawal application and the submissions made by the counsel for the operational creditor and the Resolution Professional (RP).

## Issues and analysis

### Issue 1: Whether the tribunal should allow the withdrawal of the Section 9 application filed by the …

**Ratio:** The tribunal has the discretion to allow the withdrawal of an application under Section 9

…

**Reasoning:** The tribunal considered the application for withdrawal (IA No. 3428 of 2020) and the

…

**Interpretation:** The interpretation of Section 9 of the IBC allows for the withdrawal of

…

**Application:** In this case, the tribunal applied the principle of allowing withdrawal by

…

## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Appellants:** M/s. Narang…
- **Respondents:** M/s. Metro…

## Timeline

- **2019-01-01 — Filing of IB-2263(ND)/20…**: M/s. Narang Fastners filed IB-2263(ND)/2019 under Section 9 of the IBC against M/s. Metro…
- **2020-01-01 — Filing of IA No. 3428…**: M/s. Narang Fastners filed IA No. 3428 of 2020 seeking permission to withdraw the Section…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/metro-irrigation-pvt-ltd-ib-2263nd-2019-94f7a88c