# In the matter of Quintiles Phase One Clinical Trals India Private Limited CP (IB) No. 697-10-HDB-2018

> NCLT judgment dated 2019-02-08. Citation: TCN-2019-NCLT-04948. The case pertains to a Company Petition filed under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Feb 2019
- **Citation:** TCN-2019-NCLT-04948
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/quintiles-phase-one-clinical-trals-india-private-limited-cp-ib-no-697-10-hdb-201-0a9fe248

## Summary

### Background

The case pertains to a Company Petition filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, by Quintiles Phase One Clinical Trials India Private Limited, seeking initiation of corporate insolvency resolution process on its own. The Corporate Applicant later filed a memo for withdrawal of the Petition, stating that the Company may go for voluntary liquidation/winding up.

## Facts

Quintiles Phase One Clinical Trials India Private Limited filed a Company Petition under Section 10 of the IBC, 2016, seeking initiation of corporate insolvency resolution process. Before the Petition was admitted, the Corporate Applicant filed a memo seeking withdrawal of the Petition, indicating that the Company may pursue voluntary liquidation or winding up. The Counsel for the Corporate Applicant was present during the hearing. The court noted that the Petition was not yet admitted.

## Issues and analysis

### Issue 1: Whether the Corporate Applicant can be granted permission to withdraw the Petition filed under …

**Ratio:** Rule 8 of the Insolvency & Bankruptcy (Application to the Adjudicating Authority)

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**Reasoning:** The court reasoned that since the Petition was not yet admitted, the Corporate Applicant

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**Interpretation:** This interprets Rule 8 of the Insolvency & Bankruptcy (Application to the

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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…
- **Respondents:** Quintiles Phase…
- **Advocates:** P. Mohith…; L. Aravind…; +1 more

## Timeline

- **2018-11-30 — Hearing…**: Hearing held on…
- **2018-12-10 — Hearing…**: Hearing held on…

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