# In the matter of Eagle Steels Rolling Mills Private Limited

> NCLT judgment dated 2024-02-06. Citation: TCN-2024-NCLT-02743. The case involves an application IA(I.B.C)/5291(MB)2023 in C.P. (IB)/817(MB)2022 before the…

- **Court:** NCLT
- **Order date:** 6 Feb 2024
- **Citation:** TCN-2024-NCLT-02743
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eagle-steels-rolling-mills-private-limited-6a060ad7

## Summary

### Background

The case involves an application IA(I.B.C)/5291(MB)2023 in C.P. (IB)/817(MB)2022 before the National Company Law Tribunal, Mumbai Bench Court VI. The applicant's counsel tendered a withdrawal memo.

## Facts

The Operational Creditor (OC) filed a Corporate Petition (C.P.). The OC's counsel then tendered a withdrawal memo. The court considered this memo. The consent terms were a factor in allowing the withdrawal, with the OC having the option to revive the C.P. if those terms failed. The Interlocutory Application (IA) 5291/2023 was related to the C.P. and became infructuous upon the C.P.'s withdrawal. Section 9 of IBC is mentioned, indicating the initial application was likely filed under this section.

## Issues and analysis

### Issue 1: Whether the court should allow the withdrawal of the Corporate Petition (C.P.) based on the …

**Ratio:** A party is generally allowed to withdraw a petition if it is deemed appropriate,

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**Reasoning:** The court accepted the withdrawal memo, implying that the OC had valid reasons to

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**Interpretation:** This reflects the court's willingness to facilitate settlements between parties

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**Application:** The OC's request to withdraw the C.P. was granted, allowing them to pursue

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Respondents:** Eagle Steels…
- **Advocates:** Manoj M…; Nitish Ba…

## Timeline

- **2024-02-06 — Order Sheet of…**: Order sheet of hearing (Hybrid) dated 06.02.2024. The court allowed the withdrawal of the…

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