# In the matter of Prowess International Pvt. Ltd.

> NCLT judgment dated 2017-05-25. Citation: TCN-2017-NCLT-00848. The case involves an application (IA No. 226/KB/2017) filed by the Corporate Debtor to withdraw…

- **Court:** NCLT
- **Order date:** 25 May 2017
- **Citation:** TCN-2017-NCLT-00848
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prowess-international-pvt-ltd-a4468531

## Summary

### Background

The case involves an application (IA No. 226/KB/2017) filed by the Corporate Debtor to withdraw a petition admitted under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016. The Insolvency Resolution Professional (IRP) had filed a progress report, and a meeting of the Committee of Creditors (CoC) had taken place. The Corporate Debtor sought withdrawal based on an amicable resolution reached with the Operational Creditor/Applicant after the petition's admission and public announcement.

## Facts

Parker Hannifin India Pvt. Ltd. is the name of the company involved. An application under Section 9 of the IBC, 2016 was filed. The application was admitted on 20/04/2017. A public announcement was made in newspapers on 20/04/2017, inviting claims from creditors. The Corporate Debtor and Operational Creditor/Applicant reached an amicable settlement after the petition's admission. The Corporate Debtor then filed IA No. 226/KB/2017 to withdraw the petition. The first meeting of the Committee of Creditors (CoC) took place on 06/05/2017, with all members present. The CoC decided to abstain from voting in the meeting. Arun Kumar Gupta was appointed as the IRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition (IA No. 226/KB/2017) is maintainable after …

**Ratio:** After the admission of a petition under the IBC 2016 and the issuance of a public

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**Reasoning:** The court reasoned that once a petition is admitted and a public announcement is made,

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**Interpretation:** The court interpreted Section 9 of the IBC 2016 to mean that the adjudicating

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**Application:** In this case, the application for withdrawal was filed after the admission of

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## Parties

- **Judges:** Vijai Prata…
- **Respondents:** Parker Hannifin…

## Timeline

- **2017-04-20 — Admission of…**: The Tribunal passed an order of admission for the application filed under Section 9 of…
- **2017-04-20 — Public Annou…**: Public announcement was made in the…

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