# In the matter of Ramky Infrastructure Ltd. CP (IB)-84-7-HDB-2020

> NCLT judgment dated 2022-09-01. Citation: TCN-2022-NCLT-01191. The case pertains to a Company Petition/Application filed under the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 1 Sept 2022
- **Citation:** TCN-2022-NCLT-01191
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ramky-infrastructure-ltd-cp-ib-84-7-hdb-2020-1d7a664e

## Summary

### Background

The case pertains to a Company Petition/Application filed under the Insolvency and Bankruptcy Code (IBC). The Financial Creditor, represented by D. Bala, sought to initiate insolvency proceedings against Ramky Infrastructure Ltd. The hearing was conducted via video conference by the National Company Law Tribunal (NCLT), Hyderabad Bench.

## Facts

Indian Overseas Bank filed a Company Petition/Application (CP (IB)/84/7/HDB/2020) under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Ramky Infrastructure Ltd. D. Bala, the learned counsel for the Financial Creditor (Indian Overseas Bank), appeared in person before the National Company Law Tribunal (NCLT), Hyderabad Bench. During the hearing held on September 1, 2022, the Financial Creditor instructed its counsel to withdraw the application. Consequently, the NCLT dismissed the application as withdrawn.

## Issues and analysis

### Issue 1: Whether the NCLT can dismiss an insolvency application filed under Section 7 of the IBC upon the …

**Ratio:** A Financial Creditor has the right to withdraw an application filed under Section 7 of

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**Reasoning:** The court's reasoning is based on the principle that the party initiating the legal

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**Interpretation:** This interpretation acknowledges the Financial Creditor's autonomy in pursuing

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**Application:** In this specific case, the Financial Creditor, Indian Overseas Bank, chose to

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## Parties

- **Judges:** DR.VENKATA…; Veera Brahma Rao…
- **Appellants:** Indian Overseas…
- **Respondents:** Ramky Infrastructu…

## Timeline

- **2022-09-01 — Hearing…**: Hearing of National Company Law Tribunal, Hyderabad Bench, held on 01.09.2022 at 2:30 PM…

## 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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