# In the matter of Shreya Life Sciences Pvt. Ltd. C.P. No. 1441-(MAH)-2017

> NCLT judgment dated 2017-12-14. Citation: TCN-2017-NCLT-00056. The case pertains to a company petition filed before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 14 Dec 2017
- **Citation:** TCN-2017-NCLT-00056
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shreya-life-sciences-pvt-ltd-cp-no-1441-mah-2017-ccd08152

## Summary

### Background

The case pertains to a company petition filed before the National Company Law Tribunal (NCLT), Mumbai Bench. The petition was filed under the I & BP Code 2016. The counsel for the petitioner and the corporate debtor were present during the hearing.

## Facts

Polyset Plastics Pvt. Ltd. filed a company petition against Shreya Life Science Pvt. Ltd. before the NCLT Mumbai Bench. The petition was filed under the I & BP Code 2016. During the hearing on 2017-12-14, the counsel for both the petitioner and the corporate debtor were present. The petitioner filed a withdrawal memo with consent terms. The court, after reviewing the withdrawal memo and the consent terms signed between the parties, dismissed the company petition as withdrawn. This indicates that the parties reached an agreement outside of court, leading to the petitioner withdrawing the petition with the consent of the other party.

## Issues and analysis

### Issue 1: Whether the company petition can be dismissed as withdrawn based on the withdrawal memo and consent …

**Ratio:** A company petition can be dismissed as withdrawn if the petitioner files a withdrawal

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**Reasoning:** The court reasoned that since the petitioner filed a withdrawal memo with consent terms,

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**Interpretation:** The interpretation is that the court recognizes the validity of consent-based

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**Application:** In this specific case, the petitioner's filing of the withdrawal memo with

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Appellants:** Polyset Plastics…
- **Respondents:** Shreya Life…
- **Advocates:** Ajay Pan…; Vishek B…; +1 more

## Timeline

- **2017-12-14 — Hearing…**: Hearing of the Mumbai Bench of the…
- **2017-01-01 — Case Fil…**: C.P No. 1441/(MAH)/2017…

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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/shreya-life-sciences-pvt-ltd-cp-no-1441-mah-2017-ccd08152