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

> NCLT judgment dated 2019-08-20. Citation: TCN-2019-NCLT-01914. 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-01914
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/united-ukraine-technologies-pvt-ltd-ib-1172nd-2019-d3df6955

## 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 as the Committee of Creditors (COC) had not been formed.

## 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 filed an application to withdraw the matter. The court considered the request and allowed the withdrawal.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC can be withdrawn by the Financial Creditor …

**Ratio:** A petition can be withdrawn if the Committee of Creditors (COC) has not been formed and

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**Reasoning:** The court reasoned that since the COC had not been formed, the Financial Creditor's

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**Interpretation:** This interpretation suggests that the formation of the COC marks a point where

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**Application:** In this specific case, because the COC had not been formed, the court applied

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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 20.08.2019…

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