# In the matter of Shakti Component Ventures Pvt. Ltd. CP(IB) NO.295-Chd-CHD-2019

> NCLT judgment dated 2022-07-06. Citation: TCN-2022-NCLT-01847. The case pertains to CP(IB) NO.295/Chd/CHD/2019 filed under Section 7 of the IBC, 2016. The…

- **Court:** NCLT
- **Order date:** 6 Jul 2022
- **Citation:** TCN-2022-NCLT-01847
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shakti-component-ventures-pvt-ltd-cpib-no295-chd-chd-2019-67c46074

## Summary

### Background

The case pertains to CP(IB) NO.295/Chd/CHD/2019 filed under Section 7 of the IBC, 2016. The petitioner sought to withdraw the petition.

## Facts

OXYZO Financial Services Pvt. Ltd. filed a petition against Shakti Component Ventures Pvt. Ltd. under Section 7 of the IBC, 2016. The petitioner, OXYZO Financial Services Pvt. Ltd., sought to withdraw the petition through their learned counsel, Mrs. Mandeep Gujral. The court considered the statement made by the petitioner's counsel and dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petitioner should be …

**Ratio:** A party has the right to withdraw a

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**Reasoning:** The court considered the statement made by the learned counsel for the petitioner, who

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**Interpretation:** The court interpreted the petitioner's request as a formal application to

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**Application:** The court granted the petitioner's

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** OXYZO Financial…
- **Respondents:** Shakti Component…

## Timeline

- **2019-01-01 — Petition…**: CP(IB) NO.295/Chd/CHD/20…
- **2022-07-06 — Petition Di…**: The petition was…

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