# In the matter of Srivi Exports & Imports Pvt. Ltd. CP-979-(IB)-2018

> NCLT judgment dated 2019-02-07. Citation: TCN-2019-NCLT-04966. The case pertains to CP/979/(IB)/2018 before the Chennai bench of the National Company Law…

- **Court:** NCLT
- **Order date:** 7 Feb 2019
- **Citation:** TCN-2019-NCLT-04966
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srivi-exports-imports-pvt-ltd-cp-979-ib-2018-cd8492c1

## Summary

### Background

The case pertains to CP/979/(IB)/2018 before the Chennai bench of the National Company Law Tribunal (NCLT). The Operational Creditor sought to withdraw the petition.

## Facts

The Operational Creditor filed a petition (CP/979/(IB)/2018) before the Chennai NCLT. During the hearing on February 7, 2019, the counsel for the Operational Creditor requested to withdraw the petition. Counsel for both sides were present. The NCLT allowed the withdrawal, leading to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the NCLT was justified in allowing the withdrawal of the petition by the Operational …

**Ratio:** The legal principle applied here is the procedural right of a petitioner to withdraw

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**Reasoning:** The court's reasoning is based on the counsel's request for withdrawal and the presence

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**Interpretation:** The interpretation involves understanding the procedural rules governing the

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**Application:** In this specific case, the ratio and reasoning were applied to the fact that

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## Parties

- **Judges:** CH.MOHD SHERIEF…; S. VIJAYARA…
- **Appellants:** GLOBAL UNITED…
- **Respondents:** SRIVI EXPORTS &…
- **Advocates:** C.S.K.SA…; K.SRI…; +1 more

## Timeline

- **2018-01-01 — Petition…**: CP/979/(IB)/2018 was…
- **2019-02-07 — Hearing…**: Hearing held at Chennai NCLT. Operational…

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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/srivi-exports-imports-pvt-ltd-cp-979-ib-2018-cd8492c1