# In the matter of United Ukraine Technologies Pvt. Ltd. (IB)-1172(ND)-2019

> NCLT judgment dated 2019-08-20. Citation: TCN-2019-NCLT-01903. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 20 Aug 2019
- **Citation:** TCN-2019-NCLT-01903
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/united-ukraine-technologies-pvt-ltd-ib-1172nd-2019-9b6f188c

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Financial Creditor expressed their intention to withdraw the petition, stating that the Committee of Creditors (COC) had not been formed. An application to withdraw the matter was subsequently filed.

## Facts

M/s Lauls Limited filed a petition against M/s United Ukraine Technologies Pvt. Ltd. under Section 7 of the IBC. The Financial Creditor, M/s Lauls Limited, informed the court that the Committee of Creditors (COC) had not been formed and expressed their intention to withdraw the petition. They then filed an application to withdraw the matter. The counsel for both parties were present during the proceedings. The court considered the request for withdrawal.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC can be withdrawn before the formation of the …

**Ratio:** A petition can be withdrawn if the Financial Creditor expresses their intention to do so

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**Reasoning:** The court considered the request of the counsel for the Financial Creditor and the fact

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**Interpretation:** This case highlights the flexibility available to the Financial Creditor to

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**Application:** In this specific case, the Financial Creditor's request to withdraw the

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## Parties

- **Judges:** SHRI. P.S.N.…; V.K. SUB…
- **Appellants:** M/s Lauls L…
- **Respondents:** M/s United…

## Timeline

- **2019-08-20 — Order Del…**: Order delivered on the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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