# In the matter of S V Labs Pvt. Ltd. Company Petition IB-72-2023

> NCLT judgment dated 2023-05-29. Citation: TCN-2023-NCLT-03150. The case pertains to Company Petition IB/72/2023 before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 29 May 2023
- **Citation:** TCN-2023-NCLT-03150
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/s-v-labs-pvt-ltd-company-petition-ib-72-2023-32cea352

## Summary

### Background

The case pertains to Company Petition IB/72/2023 before the National Company Law Tribunal (NCLT), Hyderabad Bench. The Operational Creditor sought to withdraw the petition.

## Facts

The case involves Company Petition IB/72/2023. S V Labs Pvt Ltd is the Corporate Debtor and also the Respondent. Vinuthana Chemicals is the Operational Creditor and the Petitioner. The Operational Creditor filed a memo seeking leave to withdraw the Company Petition. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The NCLT Hyderabad Bench disposed of the petition as withdrawn with no costs.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can …

**Ratio:** The legal principle is that an Operational Creditor can withdraw a petition filed under

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**Reasoning:** The court considered the memo filed by the Operational Creditor seeking leave to withdraw

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**Interpretation:** This issue involves the interpretation of the IBC provisions regarding the

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**Application:** In this case, the Operational Creditor, Vinuthana Chemicals, sought to withdraw

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## Parties

- **Judges:** DR.VENKKATA…; SH. CHARAN…
- **Appellants:** Vinuthana…
- **Respondents:** S V Labs P…

## Timeline

- **2023-05-29 — Hearing…**: Hearing of National Company Law Tribunal, Hyderabad Bench, held on 29.05.2023 after…
- **2023-01-01 — Company Petiti…**: Company Petition…

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