# In the matter of MFS Intercorp Ltd. IB-1936-ND-2019

> NCLT judgment dated 2021-07-08. Citation: TCN-2021-NCLT-01814. The case involves an application for withdrawal of a petition under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 8 Jul 2021
- **Citation:** TCN-2021-NCLT-01814
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mfs-intercorp-ltd-ib-1936-nd-2019-709bea43

## Summary

### Background

The case involves an application for withdrawal of a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was filed under Section 12(A) read with Section 60(5) of IBC, Rule 11 of NCLT Rules 2016, and regulation 30A(1)(b) read with 30A(5) of IBBI (IRP for CP) Regulation 2016.

## Facts

M/s. BSE Ltd. filed a petition against M/s. MFS Intercorp Ltd. under Section 9 of the IBC. The petitioner sought to withdraw the petition, and an application for withdrawal was filed under Section 12(A) read with Section 60(5) of IBC, Rule 11 of NCLT Rules 2016, and regulation 30A(1)(b) read with 30A(5) of IBBI (IRP for CP) Regulation 2016. The court considered the application and the submissions made. The key fact is the petitioner's request to withdraw the petition, which led to the court's decision to allow the withdrawal and dismiss the petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal …

**Ratio:** The legal principle applied is that an application for withdrawal can be allowed based on

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**Reasoning:** The court's reasoning was based on the fact that the petitioner had applied for

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**Interpretation:** Section 12(A) of the IBC allows for the withdrawal of an application admitted

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**Application:** In this specific case, the application of the ratio and reasoning led to the

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## Parties

- **Judges:** P.S.N. P…; HEMANT KUMAR…
- **Appellants:** M/s. BSE…
- **Respondents:** M/s. MFS Intercorp…

## Timeline

- **2021-07-08 — Order Del…**: Order delivered on the application…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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