# In the matter of Valecha Piletech Infra Private Limited MA 790-2019 In CP No.308-IBC-NCLT-MB-MAH-2018

> NCLT judgment dated 2019-04-01. Citation: TCN-2019-NCLT-04208. This case involves an application filed by Mars Petrochem Private Ltd., an Operational…

- **Court:** NCLT
- **Order date:** 1 Apr 2019
- **Citation:** TCN-2019-NCLT-04208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/valecha-piletech-infra-private-limited-ma-790-2019-in-cp-no308-ibc-nclt-mb-mah-2-5a4950dd

## Summary

### Background

This case involves an application filed by Mars Petrochem Private Ltd., an Operational Creditor, seeking withdrawal of an application admitted under Section 9 of the Insolvency & Bankruptcy Code, 2016 ('Code'). The application for withdrawal was filed pursuant to a full and final settlement of the claim admitted in the Section 9 petition. The Respondent, Valecha Piletech Infra Private Limited, agreed to pay ₹5,30,000 to the Applicant.

## Facts

Mars Petrochem Private Ltd., an operational creditor, initiated insolvency proceedings against Valecha Piletech Infra Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted by the NCLT. Subsequently, Mars Petrochem Private Ltd. filed an application (MA 790/2019) to withdraw the insolvency application based on a settlement reached with Valecha Piletech Infra Private Limited. Valecha Piletech Infra Private Limited agreed to pay ₹5,30,000 to Mars Petrochem Private Ltd. as part of the settlement. The application for withdrawal was filed before the constitution of the Committee of Creditors (CoC). The payment was made via Pay Order No. 015035 dated 26.02.2019 drawn upon HDFC Bank.

## Issues and analysis

### Issue 1: Whether the NCLT can allow the withdrawal of an application admitted under Section 9 of the …

**Ratio:** The NCLT has the power to allow withdrawal of applications under Rule 11 of the NCLT

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**Reasoning:** The court relied on the Supreme Court's judgment in Swiss Ribbons, which clarified that

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**Interpretation:** The Supreme Court's interpretation of the IBC and NCLT Rules allows for

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**Application:** In this case, the application for withdrawal was filed before the CoC was

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Mars Petrochem…
- **Respondents:** Valecha Piletech…

## Timeline

- **2019-02-25 — Order Da…**: Order passed admitting the…
- **2019-02-26 — Pay Order…**: Pay Order bearing No. 015035 drawn…

## 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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