# In the matter of Vector Spicon Pvt. Ltd. (IB)-229-ND-2021

> NCLT judgment dated 2021-07-20. Citation: TCN-2021-NCLT-01681. The case pertains to Company Petition IB/229/2021 filed under Section 7 of the IBC. The…

- **Court:** NCLT
- **Order date:** 20 Jul 2021
- **Citation:** TCN-2021-NCLT-01681
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vector-spicon-pvt-ltd-ib-229-nd-2021-2c89b16a

## Summary

### Background

The case pertains to Company Petition IB/229/2021 filed under Section 7 of the IBC. The petitioner sought to withdraw the petition.

## Facts

The petitioner, Ravi Kant, filed a Company Petition IB/229/2021 against M/s.Vector Spicon Pvt.Ltd. under Section 7 of the IBC. The petitioner's counsel, Ajay Kumar Jain, appeared and submitted a fresh Vakalatnama. The petitioner sought permission to withdraw the petition. The court granted the permission, and the petition was dismissed as withdrawn. The key fact is the petitioner's request to withdraw the petition, leading to its dismissal.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted permission …

**Ratio:** A petitioner can withdraw a

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**Reasoning:** The court considered the submission of the petitioner's counsel and the uploaded

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**Interpretation:** The interpretation is that the court has the discretion to allow or disallow

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**Application:** In this case, the court applied the ratio by granting permission to the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; L. N. G…
- **Appellants:** Ravi…
- **Respondents:** M/s.Vector Spicon…
- **Advocates:** Ajay Kr.…; Ajay Kuma…

## Timeline

- **2021-05-11 — Vakalatnama…**: Petitioner's counsel…
- **2021-07-20 — Order Del…**: Order delivered on 20.07.2021, dismissing 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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