# In the matter of Sri Teja Bio Fuels Pvt. Ltd. CP(IB)No. 205-9-AMR-2019

> NCLT judgment dated 2020-02-12. Citation: TCN-2020-NCLT-01994. The case involves a Company Petition/Application with the number CP(IB) NO. 205/9/AMR/2019…

- **Court:** NCLT
- **Order date:** 12 Feb 2020
- **Citation:** TCN-2020-NCLT-01994
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-teja-bio-fuels-pvt-ltd-cpibno-205-9-amr-2019-ebdb6d32

## Summary

### Background

The case involves a Company Petition/Application with the number CP(IB) NO. 205/9/AMR/2019 filed before the National Company Law Tribunal, Amaravathi Bench. The petitioner, Karbon Energy, sought to initiate corporate insolvency resolution process against the respondent, Sri Teja Bio Fuels Pvt Ltd. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC).

## Facts

Karbon Energy filed a Company Petition (CP(IB) NO. 205/9/AMR/2019) against Sri Teja Bio Fuels Pvt Ltd under Section 9 of the IBC. The case was heard on 2020-02-12. Subsequently, Karbon Energy filed a memo seeking withdrawal of the CP, which was dated 2020-02-10. The court accepted the memo and granted permission to withdraw the petition under Rule 8 of the Bankruptcy (Application to Adjudicating Authority) Rules 2016. As a result, the CP was dismissed as withdrawn.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 petitioner can withdraw the Company …

**Ratio:** Rule 8 of the Bankruptcy (Application to Adjudicating Authority) Rules 2016 allows for

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**Reasoning:** The court reasoned that the petitioner had filed a memo seeking withdrawal of the CP. The

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**Interpretation:** Rule 8 provides a procedural mechanism for a petitioner to withdraw a petition

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**Application:** In this case, the petitioner, Karbon Energy, sought to withdraw the CP filed

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## Parties

- **Judges:** Janab Mohhamed…
- **Appellants:** Karbon E…
- **Respondents:** Teja Bio Fuels…
- **Advocates:** S.Keshav…; M. dich…; +4 more

## Timeline

- **2020-02-10 — Memo of Withdra…**: The petitioner, Karbon Energy, filed a memo…
- **2020-02-12 — Hearing…**: The court held a…

## 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)

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