# In the matter of Simtrad Overseas Pvt. Ltd. (MP) CP (IB) 58 of 2020

> NCLT judgment dated 2021-05-07. Citation: TCN-2021-NCLT-02184. The case pertains to CP(IB) 58 of 2020 before the National Company Law Tribunal (NCLT), Indore…

- **Court:** NCLT
- **Order date:** 7 May 2021
- **Citation:** TCN-2021-NCLT-02184
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/simtrad-overseas-pvt-ltd-mp-cp-ib-58-of-2020-17c71802

## Summary

### Background

The case pertains to CP(IB) 58 of 2020 before the National Company Law Tribunal (NCLT), Indore Bench at Ahmedabad. Jain Engineering Works filed a petition against Simtrad Overseas Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. The hearing was conducted through video conferencing.

## Facts

Jain Engineering Works initiated an insolvency petition against Simtrad Overseas Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the petitioner, represented by Mr. Pratik Tripathi, PCS, filed a pursis seeking to withdraw the petition. The NCLT, Indore Bench at Ahmedabad, granted permission for the withdrawal. Consequently, the court dismissed the petition CP(IB) 58/2020 as withdrawn. The key fact is the petitioner's decision to withdraw the petition, leading to its dismissal.

## Issues and analysis

### Issue 1: Whether the NCLT was justified in allowing the …

**Ratio:** The legal principle applied is that a petitioner can withdraw an insolvency petition with

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**Reasoning:** The court reasoned that the petitioner had filed a pursis to withdraw the petition, and

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**Interpretation:** The interpretation is that the adjudicating authority has the discretion to

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**Application:** In this case, the petitioner sought to withdraw the petition, and the court,

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## Parties

- **Judges:** Manorama…; Virendra Kumar…
- **Appellants:** Jain Engineering…
- **Respondents:** Simtrad Overseas…

## Timeline

- **2021-05-07 — Order Da…**: The NCLT dismissed…

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