# In the matter of NCC Ltd. IA (IBC)-104-2022 in Company Petition IB-274-2021

> NCLT judgment dated 2022-04-28. Citation: TCN-2022-NCLT-03002. The case involves a Company Petition (CP (IB) 274/2021) before the National Company Law…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-03002
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ncc-ltd-ia-ibc-104-2022-in-company-petition-ib-274-2021-a7f3580f

## Summary

### Background

The case involves a Company Petition (CP (IB) 274/2021) before the National Company Law Tribunal (NCLT), Hyderabad Bench. An application (IA (IBC)/104/2022) was filed in the matter. The Operational Creditor sought to withdraw the Company Petition.

## Facts

The key facts are as follows: A Company Petition (CP (IB) 274/2021) was filed. An application (IA (IBC)/104/2022) was filed in the matter. The Operational Creditor, GBM Materials Pvt Ltd, sought to withdraw the Company Petition. The Corporate Debtor is NCC Ltd. The court considered the withdrawal memo and submissions made by the Learned Counsel for the Operational Creditor. The relevance of these facts lies in the court's decision to allow the withdrawal of the petition, effectively terminating the proceedings against the Corporate Debtor at the request of the Operational Creditor.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the Company Petition (CP …

**Ratio:** Rule 8 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules,

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**Reasoning:** The court considered the withdrawal memo filed by the Operational Creditor and the

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**Interpretation:** The interpretation of Rule 8 allows for the withdrawal of a petition if the

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**Application:** In this case, the court applied Rule 8 by considering the Operational

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## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Appellants:** GBM Materials Pvt…
- **Respondents:** NCC…

## Timeline

- **2022-04-28 — Hearing…**: Hearing of National Company Law Tribunal, Hyderabad Bench, held on 28.04.2022 at 10:30 AM…

## 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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