# In the matter of Electro Max Marketing Pvt. Ltd. CP No. (IB)-292-7-JPR-2019

> NCLT judgment dated 2022-04-13. Citation: TCN-2022-NCLT-03261. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 13 Apr 2022
- **Citation:** TCN-2022-NCLT-03261
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/electro-max-marketing-pvt-ltd-cp-no-ib-292-7-jpr-2019-5c7a647f

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor, Anand Rathi Global Finance Ltd., initiated proceedings against the Corporate Debtor, Electro Max Marketing Pvt. Ltd. The matter was listed before the Jaipur Bench of the National Company Law Tribunal (NCLT).

## Facts

Anand Rathi Global Finance Ltd., the Financial Creditor, filed a petition against Electro Max Marketing Pvt. Ltd., the Corporate Debtor, under Section 7 of the IBC, 2016. The case was presented before the Jaipur Bench of the NCLT. During the proceedings, the Financial Creditor, represented by Mr. Avinash Kumbaj, submitted that the matter had been amicably settled, and the agreed amount was received from the Corporate Debtor. Consequently, the Financial Creditor sought permission to withdraw the petition. The NCLT granted permission, and the petition was dismissed as withdrawn. The key fact is the amicable settlement and the subsequent withdrawal of the petition by the Financial Creditor after receiving the agreed amount.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC, 2016 can be dismissed as withdrawn based on …

**Ratio:** A petition filed under Section 7 of the IBC, 2016 can be dismissed as withdrawn if the

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**Reasoning:** The court reasoned that since the matter had been amicably settled and the Financial

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**Interpretation:** The interpretation is that the NCLT has the discretion to allow the withdrawal

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**Application:** In this specific case, the Financial Creditor, Anand Rathi Global Finance Ltd.,

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## Parties

- **Judges:** Deep Chandr…; SUBRATA KUM…
- **Appellants:** Anand Rathi…
- **Respondents:** Electro Max…

## Timeline

- **2019-01-01 — CP No. (IB)- 292/7/JPR/2…**: CP No. (IB)- 292/7/JPR/2019 was…
- **2022-04-13 — Order Is…**: The NCLT dismissed CP No. (IB)-292/7/JPR/2019 as withdrawn, based on the amicable…

## 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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