# In the matter of Shakti Polymetals Manufacturing Pvt. Ltd. CP(IB)-125(MB)-2018

> NCLT judgment dated 2019-06-25. Citation: TCN-2019-NCLT-02794. The case involves a petition filed under the Insolvency and Bankruptcy Code, 2016. The…

- **Court:** NCLT
- **Order date:** 25 Jun 2019
- **Citation:** TCN-2019-NCLT-02794
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shakti-polymetals-manufacturing-pvt-ltd-cpib-125mb-2018-97c81759

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code, 2016. The Petitioner/Operational Creditor sought to withdraw the Company Petition.

## Facts

Lila Polymers Pvt. Ltd. filed a Company Petition against Shakti Polymetals Manufacturing Pvt. Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. The counsel representing Lila Polymers Pvt. Ltd., the Petitioner/Operational Creditor, requested the court's permission to withdraw the petition. The court granted the request.

## Issues and analysis

### Issue 1: Whether the Petitioner/Operational Creditor should be granted leave to withdraw the Company …

**Ratio:** The court has the discretion to allow or disallow the withdrawal of a petition based on

…

**Reasoning:** The court considered the request of the Petitioner/Operational Creditor to withdraw the

…

**Interpretation:** The interpretation involves understanding the procedural aspects of withdrawing

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** V. P. S…
- **Appellants:** Lila Polymers…
- **Respondents:** Shakti Polymetals…

## Timeline

- **2018-01-01 — Company Petiti…**: CP(IB)-125(MB)/2018 was…
- **2019-06-25 — Order for Wit…**: The court allowed the withdrawal of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

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/shakti-polymetals-manufacturing-pvt-ltd-cpib-125mb-2018-97c81759