# In the matter of Navayuga Infra Projects Private Limited

> NCLT judgment dated 2025-01-27. Citation: TCN-2025-NCLT-00575. The case involves an application (IA (IBC)/29/2025) in a corporate insolvency resolution…

- **Court:** NCLT
- **Order date:** 27 Jan 2025
- **Citation:** TCN-2025-NCLT-00575
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/navayuga-infra-projects-private-limited-c1998fad

## Summary

### Background

The case involves an application (IA (IBC)/29/2025) in a corporate insolvency resolution process (CP(IB) No. 214/9/HDB/2021). The applicant was previously directed to file NoC from Navayuga Engineering Company Limited, Navayuga Port Projects Limited, and CVR Holding Corporation. A previous order had incorrectly mentioned “M/s. MKS Constro Venture Private Limited, Operational Creditor” instead of "M/s. CVR Holding Corporation".

## Facts

The applicant in IA (IBC)/29/2025 was instructed to obtain NoC from Navayuga Engineering Company Limited, Navayuga Port Projects Limited, and CVR Holding Corporation. An earlier order contained an error, incorrectly identifying CVR Holding Corporation as “M/s. MKS Constro Venture Private Limited, Operational Creditor”. The applicant subsequently filed the required NoC from all three companies. The applicant sought to withdraw the petition under Section 9 of the IBC. The court found that the applicant had met all statutory requirements for withdrawal.

## Issues and analysis

### Issue 1: Whether the applicant has met the statutory requirements for the withdrawal of the Petition under …

**Ratio:** Section 9 of the IBC outlines the requirements for initiating a corporate insolvency

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**Reasoning:** The court determined that the applicant had fulfilled all the necessary statutory

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**Interpretation:** Section 9 of the IBC provides the framework for operational creditors to

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**Application:** The court applied the requirements of Section 9 to the facts presented by the

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** MKS Constro-Ventur…
- **Respondents:** Navayuga Infra…

## Timeline

- **2025-01-20 — Previous…**: The applicant was directed to file NoC from Navayuga Engineering Company Limited,…
- **2025-01-27 — Hearing…**: Hearing held on 27.01.2025 at 10:30 AM at the National Company Law Tribunal, Hyderabad…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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