# In the matter of Kanad Mercantile and Trading Private Limited C.P.(IB)-3066(MB)-2019

> NCLT judgment dated 2022-08-04. Citation: TCN-2022-NCLT-01464. The case pertains to C.P.(IB)/3066(MB)/2019 before the National Company Law Tribunal, Mumbai…

- **Court:** NCLT
- **Order date:** 4 Aug 2022
- **Citation:** TCN-2022-NCLT-01464
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kanad-mercantile-and-trading-private-limited-cpib-3066mb-2019-04659ad4

## Summary

### Background

The case pertains to C.P.(IB)/3066(MB)/2019 before the National Company Law Tribunal, Mumbai Bench, Court-IV. The matter involves Vashistha Mercantile And Trading Private Limited as the operational creditor and Kanad Mercantile And Trading Private Limited. The hearing was held on 04.08.2022.

## Facts

Vashistha Mercantile And Trading Private Limited, the Operational Creditor, filed a petition C.P.(IB)/3066(MB)/2019 against Kanad Mercantile And Trading Private Limited. During the hearing on 04.08.2022, Ms. Ravina Soni, the counsel for the Operational Creditor, was present. However, no one was present for the Corporate Debtor. The Operational Creditor's counsel submitted that the Operational Creditor intended to withdraw the petition, and the court granted permission for the withdrawal. Consequently, the court dismissed the petition.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the …

**Ratio:** An operational creditor has the right to withdraw a petition filed under the Insolvency

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

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

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**Application:** In this case, the Operational Creditor, Vashistha Mercantile And Trading

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** Vashistha…
- **Respondents:** Kanad Mercantile…
- **Advocates:** Ravina…

## Timeline

- **2019-01-01 — Petition…**: C.P.(IB)/3066(MB)/2019…
- **2022-08-04 — Hearing…**: Hearing held on 04.08.2022 where the Operational…

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