# in the matter of KVR Power Projects India Limited

> NCLT judgment dated 2023-04-12. Citation: TCN-2023-NCLT-03851. The case involves an application, IA(IBC)/139/2023, filed by the Financial Creditor (FC)…

- **Court:** NCLT
- **Order date:** 12 Apr 2023
- **Citation:** TCN-2023-NCLT-03851
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kvr-power-projects-india-limited-6f3419cb

## Summary

### Background

The case involves an application, IA(IBC)/139/2023, filed by the Financial Creditor (FC) seeking withdrawal of the Petition CP(IB)/46/7/AMR/2022. The application was presented before the National Company Law Tribunal (NCLT), Amaravati Bench.

## Facts

The Financial Creditor (FC) filed an application IA(IBC)/139/2023 seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) petition CP(IB)/46/7/AMR/2022. The FC's counsel, Ms. Sristi Bansal, was present. The counsel for the Corporate Debtor (CD), Mr. Y. Suryanarayana, was also present. The applicant sought to withdraw the petition, and the court took the letter dated 30.12.2022 on record.

## Issues and analysis

### Issue 1: Whether the application IA(IBC)/139/2023 for withdrawal of the petition CP(IB)/46/7/AMR/2022 should …

**Ratio:** The legal principle applied is the tribunal's discretion to allow withdrawal of a

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**Reasoning:** The court reasoned that the applicant, the FC, sought to withdraw the petition. The court

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**Interpretation:** The interpretation is that the tribunal has the power to allow withdrawal of a

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Central Bank of…
- **Respondents:** KVR Power…

## Timeline

- **2022-12-30 — Letter D…**: A letter dated 30.12.2022 was…
- **2023-04-12 — Hearing…**: Hearing held on 12.04.2023 at 10.30 AM where the application for withdrawal was…

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