# In the matter of Sembmarine Kakinada Limited C.P (IB) No. 558-9-HDB-2018

> NCLT judgment dated 2019-06-11. Citation: TCN-2019-NCLT-02972. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 11 Jun 2019
- **Citation:** TCN-2019-NCLT-02972
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sembmarine-kakinada-limited-cp-ib-no-558-9-hdb-2018-a05cc20c

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Marine Electricals (India) Private Limited, the Operational Creditor, against Sembmarine Kakinada Limited, the Corporate Debtor. The petition was filed due to an alleged default in payment. Both parties filed a joint memo for withdrawal of the petition, stating that they had amicably settled the claim.

## Facts

Marine Electricals (India) Private Limited, the Operational Creditor, filed a petition under Section 9 of the IBC against Sembmarine Kakinada Limited, the Corporate Debtor, due to alleged default in payment. Subsequently, both parties filed a joint memo stating that they had reached an amicable settlement. The joint memo sought permission to withdraw the petition. The petition had not yet been admitted by the court. The court considered the joint memo and the provisions of Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can be granted permission to withdraw the petition filed under …

**Ratio:** Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,

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**Reasoning:** The court reasoned that since the petition had not yet been admitted and both parties had

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**Interpretation:** Rule 8 provides a mechanism for withdrawal of petitions when parties resolve

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**Application:** The court applied Rule 8 to the facts of the case, noting the joint memo and

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Appellants:** Marine Electricals…
- **Respondents:** Sembmarine…; Sembmarine…

## Timeline

- **2018-10-04 — Hearing…**: Hearing held on…
- **2018-10-29 — Hearing…**: Hearing held on…

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