# In the matter of Indus Projects Ltd. C.P.(IB)871-MB-2020

> NCLT judgment dated 2022-09-29. Citation: TCN-2022-NCLT-00884. The case pertains to a Company Petition bearing CP (IB) No. 871 of 2020. The Financial Creditor…

- **Court:** NCLT
- **Order date:** 29 Sept 2022
- **Citation:** TCN-2022-NCLT-00884
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indus-projects-ltd-cpib871-mb-2020-7d0f25fc

## Summary

### Background

The case pertains to a Company Petition bearing CP (IB) No. 871 of 2020. The Financial Creditor sought time on 12.08.2022 to withdraw the main Company Petition through an Interlocutory Application. However, the application was not taken out till the date of the hearing.

## Facts

The Financial Creditor, Fullerton India Credit Company Ltd., filed a Company Petition (CP (IB) No. 871 of 2020) against the Corporate Debtor, Indus Projects Ltd. On 12.08.2022, the Financial Creditor sought time to file an Interlocutory Application for withdrawing the main Company Petition. However, the Interlocutory Application was not filed until the date of the hearing. On the hearing date, neither the Financial Creditor's counsel was present, nor was the Interlocutory Application listed on the board. There was no representation from the Operational Creditor. The court inferred an amicable settlement between the parties.

## Issues and analysis

### Issue 1: Whether the Company Petition should be dismissed due to the absence of the Financial Creditor's …

**Ratio:** A case can be dismissed for want of prosecution if the applicant or their counsel is

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**Reasoning:** The court reasoned that the Financial Creditor's absence and failure to file the

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**Interpretation:** The absence of the Financial Creditor's counsel and the failure to file the

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**Application:** Since the Financial Creditor's counsel was absent and the Interlocutory

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Appellants:** Fullerton India…
- **Respondents:** Indus Proje…

## Timeline

- **2022-08-12 — Time Sought for…**: The Financial Creditor sought time to take out Interlocutory Application for withdrawal…
- **2022-09-29 — Hearing…**: The court hearing took place, and the Company Petition was dismissed for want of…

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