# 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-01834. The case pertains to CP(IB) NO.295/Chd/CHD/2019 before the National Company Law Tribunal,…

- **Court:** NCLT
- **Order date:** 6 Jul 2022
- **Citation:** TCN-2022-NCLT-01834
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shakti-component-ventures-pvt-ltd-cpib-no295-chd-chd-2019-6a0e0625

## Summary

### Background

The case pertains to CP(IB) NO.295/Chd/CHD/2019 before the National Company Law Tribunal, Chandigarh Bench, Chandigarh. The matter involves OXYZO Financial Services Pvt. Ltd. as the petitioner and Shakti Component Ventures Pvt. Ltd. as the respondent. The petition was filed under Section 7 of the IBC, 2016.

## Facts

OXYZO Financial Services Pvt. Ltd. filed a petition against Shakti Component Ventures Pvt. Ltd. under Section 7 of the IBC, 2016. The petitioner, represented by Mrs. Mandeep Gujral, Advocate, sought to withdraw the petition. The respondent was represented by Mr. Krishan Vrind Jain, Practicing Chartered Accountant. The learned counsel for the petitioner stated that on instructions from her client, she seeks leave of the Bench to withdraw the present petition. The court, after considering the statement, dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted leave to withdraw the petition filed under Section 7 of …

**Ratio:** A party has the right to withdraw a petition with the leave of the court, and the court

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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 interpretation is that a petitioner can withdraw a petition if they seek

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**Application:** In this case, the petitioner's counsel sought leave to withdraw the petition,

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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/2019 filed…
- **2022-07-06 — Petition Dismissed as…**: The court dismissed the petition as withdrawn after the petitioner sought leave to…

## 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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