# In the matter of Varuna Alloys Pvt. Ltd. C.P. (I.B) No. 315-9-NCLT-AHM-2019

> NCLT judgment dated 2021-01-12. Citation: TCN-2021-NCLT-03308. The case pertains to C.P. (I.B) No. 315/9/NCLT/AHM/2019 before the Ahmedabad Bench of the…

- **Court:** NCLT
- **Order date:** 12 Jan 2021
- **Citation:** TCN-2021-NCLT-03308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/varuna-alloys-pvt-ltd-cp-ib-no-315-9-nclt-ahm-2019-98662f3e

## Summary

### Background

The case pertains to C.P. (I.B) No. 315/9/NCLT/AHM/2019 before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The hearing was conducted through video conferencing on January 12, 2021. The case involves Steel's & Scrap versus Varuna Alloys Pvt Ltd.

## Facts

The case involves a petition filed under the Insolvency and Bankruptcy Code, 2016. The Operational Creditor, represented by Ms. Urvi Gulechha, sought to withdraw the petition. The Corporate Debtor, Varuna Alloys Pvt Ltd, was represented by Mr. Vishal J Dave. The Operational Creditor's counsel submitted that they were instructed by their client to withdraw the petition. The court granted permission, and the petition was withdrawn and disposed of. The case was heard through video conferencing before the Ahmedabad Bench of the National Company Law Tribunal on January 12, 2021.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be …

**Ratio:** The legal principle applied is that a petitioner can withdraw their petition with the

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**Reasoning:** The court reasoned that the Operational Creditor's counsel submitted that they were

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**Interpretation:** This interpretation acknowledges the right of a petitioner to withdraw a

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**Application:** In this specific case, the Operational Creditor's counsel requested permission

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Steel's &…
- **Respondents:** Varuna Alloys Pvt…

## Timeline

- **2021-01-12 — Hearing…**: Hearing conducted through video conferencing before the Ahmedabad Bench of the National…
- **2021-01-12 — Order Da…**: Order issued granting permission to withdraw the petition, and CP (IB) No. 315 of 2019…

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