# In the matter of SBQ Steel Ltd. MA-8-2019 In CP-665-IB-2017

> NCLT judgment dated 2019-01-30. Citation: TCN-2019-NCLT-05109. The case involves an application MA/8/2019 in CP/665/IB/2017 before the National Company Law…

- **Court:** NCLT
- **Order date:** 30 Jan 2019
- **Citation:** TCN-2019-NCLT-05109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sbq-steel-ltd-ma-8-2019-in-cp-665-ib-2017-10b65b2c

## Summary

### Background

The case involves an application MA/8/2019 in CP/665/IB/2017 before the National Company Law Tribunal (NCLT), Chennai Bench. The petitioner filed a withdrawal memo, leading to the subsequent order.

## Facts

IMR Mettalurgical Resources AG initiated Corporate Insolvency Resolution Process (CIRP) against SBQ Steels Ltd (RP) by filing CP/665/IB/2017. Subsequently, the petitioner filed a withdrawal memo for application MA/8/2019. The NCLT Chennai considered the withdrawal memo and dismissed the application as withdrawn. The key fact is the voluntary withdrawal by the petitioner, leading to the dismissal of the application.

## Issues and analysis

### Issue 1: Whether the NCLT was justified in dismissing MA/8/2019 as withdrawn based on the petitioner's …

**Ratio:** The legal principle applied is that a petitioner has the right to withdraw an

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**Reasoning:** The court's reasoning is based on the petitioner's explicit request to withdraw the

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**Interpretation:** The interpretation is straightforward: when a party seeks to withdraw an

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**Application:** In this specific case, the petitioner, IMR Mettalurgical Resources AG, filed a

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** IMR METTALURGICAL…
- **Respondents:** SBQ STEEL…; SBQ STEELS LTD…

## Timeline

- **2017-01-01 — Filing of CP/66…**: IMR Mettalurgical Resources AG filed…
- **2019-01-30 — Hearing…**: Hearing held at 10:30…

## 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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