# In the matter of Venus Controls & Switchgear Pvt. Ltd. CP(IB)No. 1055-KB-2019

> NCLT judgment dated 2020-03-03. Citation: TCN-2020-NCLT-01712. The case involves Maa Bhawani Concrete Works versus Venus Controls & Switchgear Pvt. Ltd. The…

- **Court:** NCLT
- **Order date:** 3 Mar 2020
- **Citation:** TCN-2020-NCLT-01712
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/venus-controls-switchgear-pvt-ltd-cpibno-1055-kb-2019-42dc3085

## Summary

### Background

The case involves Maa Bhawani Concrete Works versus Venus Controls & Switchgear Pvt. Ltd. The Operational Creditor filed a CP (Company Petition) under Section 9 of the IBC (Insolvency and Bankruptcy Code).

## Facts

Maa Bhawani Concrete Works initiated a Corporate Insolvency Resolution Process (CIRP) against Venus Controls & Switchgear Pvt. Ltd. under Section 9 of the IBC, acting as the Operational Creditor. During the proceedings, the Operational Creditor's counsel submitted that the application contained incurable defects and requested permission to withdraw the petition with the option to file a new, corrected application. The court acknowledged the submission and granted the request, disposing of the initial petition. The presence of counsels for both the Operational Creditor and the Corporate Debtor was noted.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the Company Petition due …

**Ratio:** A party is generally allowed to withdraw a petition if there are valid reasons,

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**Reasoning:** The court considered the submission of the Operational Creditor's counsel regarding the

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**Interpretation:** This aligns with the principle that procedural defects should not impede the

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**Application:** The court applied this principle by permitting the withdrawal, acknowledging

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Maa Bhawani…
- **Respondents:** Venus Controls &…

## Timeline

- **2020-03-03 — Hearing…**: Hearing held on March…

## 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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