# In the matter of Om Hydropower Ltd. IA No.691-22
And CP (IB) No. 212-Chd-HP-2018

> NCLT judgment dated 2023-01-05. Citation: TCN-2023-NCLT-05182. The case involves Edelweiss Assets Reconstruction Company Ltd. as the petitioner-financial…

- **Court:** NCLT
- **Order date:** 5 Jan 2023
- **Citation:** TCN-2023-NCLT-05182
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/om-hydropower-ltd-ia-no691-22-and-cp-ib-no-212-chd-hp-2018-59e00816

## Summary

### Background

The case involves Edelweiss Assets Reconstruction Company Ltd. as the petitioner-financial creditor and Om Hydropower Ltd. as the respondent-corporate debtor. The matter is under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner sought to withdraw the petition.

## Facts

Edelweiss Assets Reconstruction Company Ltd., the financial creditor, filed a petition against Om Hydropower Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the petitioner's counsel stated that the entire amount as per the One-Time Settlement (OTS) proposal had been received from the corporate debtor. Based on this, the petitioner sought permission to withdraw the petition. The court considered the statement and dismissed the petition as withdrawn. The Interim Application (IA) No.691/2022 was rendered infructuous and disposed of accordingly. The key fact is the receipt of the full OTS amount, leading to the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition can be dismissed as withdrawn if the financial creditor confirms that the

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**Reasoning:** The court accepted the statement of the petitioner's counsel that the entire amount as

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**Interpretation:** This interpretation allows for the withdrawal of insolvency petitions when the

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**Application:** In this case, the petitioner, Edelweiss Assets Reconstruction Company Ltd.,

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Edelweiss Assets…
- **Respondents:** Om Hydropow…

## Timeline

- **2018-01-01 — CP(IB) No. 212/Chd/HP/20…**: The initial Corporate Insolvency Resolution…
- **2022-01-01 — IA No.691/2…**: An interim application (IA) was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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