# In the matter of Regen Power Tech Pvt. Ltd. IBA-120-2019

> NCLT judgment dated 2019-06-26. Citation: TCN-2019-NCLT-02774. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 26 Jun 2019
- **Citation:** TCN-2019-NCLT-02774
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/regen-power-tech-pvt-ltd-iba-120-2019-1c06c474

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The operational creditor filed a petition, and both sides are present in court. The counsel for the operational creditor filed a memo stating that the matter has been settled out of court.

## Facts

The key facts are that KEC International Ltd, the operational creditor, filed a petition (IBA/120/2019) against Regen Power Tech Pvt Ltd. The matter was listed before the Chennai bench of the National Company Law Tribunal (NCLT) on June 26, 2019. During the hearing, the counsel for the operational creditor submitted a memo stating that the matter had been settled out of court. Based on this, the operational creditor sought permission to withdraw the petition. The court granted the permission, and the petition was dismissed as withdrawn. The settlement out of court is the primary reason for the dismissal.

## Issues and analysis

### Issue 1: Whether the court should grant permission to withdraw the petition based on the memo filed by the …

**Ratio:** The legal principle applied here is that a petitioner can withdraw a petition if the

…

**Reasoning:** The court reasoned that since the operational creditor's counsel filed a memo stating

…

**Interpretation:** This issue involves the interpretation of the procedural aspects of the IBC,

…

**Application:** In this specific case, the ratio and reasoning were applied to the facts

…

## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** KEC International…
- **Respondents:** REGEN POWER TECH…

## Timeline

- **2019-06-26 — Hearing…**: The matter was heard by the Chennai bench of the National Company Law Tribunal (NCLT) on…
- **2019-01-01 — Petition…**: IBA/120/2019 petition filed by KEC…

---

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/regen-power-tech-pvt-ltd-iba-120-2019-1c06c474