# In the matter of Micro Enterprises Pvt. Ltd. IB-487-ND-2021

> NCLT judgment dated 2022-04-07. Citation: TCN-2022-NCLT-03320. The case involves an application for withdrawal of a petition filed under Section 7 of the…

- **Court:** NCLT
- **Order date:** 7 Apr 2022
- **Citation:** TCN-2022-NCLT-03320
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/micro-enterprises-pvt-ltd-ib-487-nd-2021-6392673f

## Summary

### Background

The case involves an application for withdrawal of a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor sought to withdraw the application with the liberty to revive it, supported by affidavits, based on a settlement. The Tribunal considered the application and the submissions made by the Counsel for the Financial Creditor.

## Facts

M/s. Astro Jewels Pvt. Ltd. filed a petition against M/s. Micro Enterprises Pvt. Ltd. under Section 7 of the IBC, 2016. The Financial Creditor, Astro Jewels, subsequently filed an application under Section 60(5) of the IBC, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking to withdraw the petition. The Financial Creditor requested the liberty to revive the application if the Respondent failed to adhere to the terms of the settlement. The Tribunal considered the application and the submissions made by the Counsel for the Financial Creditor.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can be granted liberty to revive the Section 7 application after …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) does not contain any provision that allows for

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**Reasoning:** The Tribunal explicitly stated that there is no provision in the IBC that allows for the

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**Interpretation:** The IBC is interpreted strictly, and any action not explicitly provided for

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**Application:** In this case, since the IBC does not allow for the revival of a Section 7

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** M/s. Astro Jewels…
- **Respondents:** M/s. Micro…

## Timeline

- **2022-04-07 — Order Del…**: Order delivered on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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