# In the matter of TRN ENERGY PRIVATE LIMITED

> NCLT judgment dated 2021-12-22. Citation: TCN-2021-NCLT-00065. The applicant filed an application to withdraw the Company Petition bearing No. IB-322/ND/2021.…

- **Court:** NCLT
- **Order date:** 22 Dec 2021
- **Citation:** TCN-2021-NCLT-00065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/trn-energy-private-limited-29082560

## Summary

### Background

The applicant filed an application to withdraw the Company Petition bearing No. IB-322/ND/2021. The applicant's counsel submitted that Form FA was submitted on 16.12.2021, and the CIRP was initiated on 07.12.2021. The Committee of Creditors (CoC) has not yet been constituted.

## Facts

M/s Natraaj Transport filed a Company Petition (IB-322/ND/2021) against M/s TRN Energy Pvt. Ltd. under Section 9 of the IBC. The Corporate Insolvency Resolution Process (CIRP) was initiated on 07.12.2021. The applicant then filed an application (New IA/5908/2021) to withdraw the Company Petition. The Form FA was submitted by the applicant on 16.12.2021. The Committee of Creditors (CoC) had not been constituted as of the hearing date. The Interim Resolution Professional (IRP) appeared in person and confirmed receiving the fees and costs. The applicant's request to withdraw was granted, leading to the dismissal of the Company Petition.

## Issues and analysis

### Issue 1: Whether the applicant should be permitted to withdraw the Company Petition bearing No. …

**Ratio:** The court has the discretion to allow the withdrawal of a Company Petition, especially

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**Reasoning:** The court reasoned that since the CoC had not been formed and the IRP had received

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**Interpretation:** The interpretation is that the court prioritizes facilitating the withdrawal of

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**Application:** The court applied this principle to the specific facts, noting that the CoC was

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; AVINASH K.…
- **Appellants:** M/s Natraaj…
- **Respondents:** M/s TRN Energy…

## Timeline

- **2021-12-07 — CIRP Init…**: The Corporate Insolvency…
- **2021-12-16 — Form FA Sub…**: The applicant submitted…

## 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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