# In the matter of PNT Designs Pvt. Ltd. CP No. (IB)-220-9-JPR-2020

> NCLT judgment dated 2022-09-22. Citation: TCN-2022-NCLT-00960. The case pertains to CP No. (IB)-220/9/JPR/2020 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 Sept 2022
- **Citation:** TCN-2022-NCLT-00960
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pnt-designs-pvt-ltd-cp-no-ib-220-9-jpr-2020-8f7b986e

## Summary

### Background

The case pertains to CP No. (IB)-220/9/JPR/2020 filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. M/s Subudhi Techno Engineers Pvt. Ltd. is the Operational Creditor, and PNT Designs (Pvt.) Ltd. is the Corporate Debtor. The matter was heard through video conferencing.

## Facts

M/s Subudhi Techno Engineers Pvt. Ltd., the Operational Creditor, filed a petition (CP No. (IB)-220/9/JPR/2020) against PNT Designs (Pvt.) Ltd., the Corporate Debtor, under Section 9 of the IBC, 2016. During the proceedings, the Operational Creditor, represented by Mr. Digant Deo, Advocate, sought to withdraw the petition. The reason for withdrawal was not explicitly stated, but the court granted permission for the withdrawal, allowing the petitioner to seek other appropriate remedies. Mr. Ankit Totuka, Advocate, represented the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the petition filed under …

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

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**Reasoning:** The court reasoned that granting permission to withdraw the petition would allow the

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**Interpretation:** The interpretation involves understanding the court's power to permit

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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:** Deep Chandr…; Ajai Das Me…
- **Appellants:** M/s Subudhi…
- **Respondents:** PNT Designs…

## Timeline

- **N/A — Filing of CP No.…**: M/s Subudhi Techno Engineers Pvt. Ltd. filed a petition against PNT Designs (Pvt.) Ltd.…
- **2022-09-22 — Order of Wit…**: The court granted permission to the petitioner to withdraw the petition, and CP No.…

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