# In the matter of Roselabs Bioscience Ltd. C.P. (IB) No. 160-7-NCLT-AHM-2019

> NCLT judgment dated 2019-04-18. Citation: TCN-2019-NCLT-03821. The case pertains to a hearing before the Ahmedabad Bench of the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 18 Apr 2019
- **Citation:** TCN-2019-NCLT-03821
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/roselabs-bioscience-ltd-cp-ib-no-160-7-nclt-ahm-2019-a27bf1c9

## Summary

### Background

The case pertains to a hearing before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The matter is related to C.P. (I.B) No. 160/7/NCLT/AHM/2019. Union Bank of India filed a petition against Roselabs Bioscience Ltd. under Section 7 of the Insolvency and Bankruptcy Code.

## Facts

Union Bank of India filed a petition against Roselabs Bioscience Ltd. under Section 7 of the Insolvency and Bankruptcy Code. The petitioner, Union Bank of India, was represented by its learned counsel. The lawyer filed a pursis to withdraw the petition. The NCLT Ahmedabad Bench granted permission for the withdrawal. Consequently, CP(IB) 160/2019 was dismissed as withdrawn. The key fact is the voluntary withdrawal of the petition by the applicant, leading to the dismissal of the case.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted …

**Ratio:** The court has the discretion to allow the withdrawal of a petition if it deems fit,

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**Reasoning:** The court granted permission based on the pursis filed by the learned lawyer appearing on

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**Interpretation:** The interpretation is that the court acknowledges the petitioner's right to

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

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## Parties

- **Judges:** Manorama…
- **Appellants:** Union Bank of…
- **Respondents:** Roselabs Bioscienc…

## Timeline

- **2019-04-18 — Hearing of Ahmedabad…**: Hearing of the Ahmedabad Bench of the National Company Law Tribunal. The learned lawyer…
- **2019-04-18 — Order Is…**: The court granted permission for the withdrawal of the petition. Accordingly, CP(IB)…

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