# In the matter of Steel Feather Industries Pvt Ltd.

> NCLT judgment dated 2023-12-20. Citation: TCN-2023-NCLT-00117. The case involves an application for withdrawal of an admitted petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 20 Dec 2023
- **Citation:** TCN-2023-NCLT-00117
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/steel-feather-industries-pvt-ltd-eec0c642

## Summary

### Background

The case involves an application for withdrawal of an admitted petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed under Rule 11 of the NCLT Rules, 2016, read with Section 12A and Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. The Form-FA, along with the application and resolution to that effect, was filed with 100% voting share for withdrawal of the petition.

## Facts

MTC Ispat Pvt. Ltd. filed a petition against Steel Feather Industries Pvt Ltd. under Section 9 of the IBC, 2016. The petition was admitted. Subsequently, an application (IA No. 2934/23) was filed for the withdrawal of the admitted petition, supported by a resolution with 100% voting share. The application was filed under Rule 11 of the NCLT Rules, 2016, read with Section 12A and Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. The court considered the application and the submissions made by the learned counsel for the Interim Resolution Professional. The key fact is the unanimous support for the withdrawal, indicating a resolution among the stakeholders.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the admitted petition under Section 9 of the IBC, 2016, …

**Ratio:** The ratio is based on the principle that if the parties involved agree to withdraw the

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**Reasoning:** The court reasoned that the application for withdrawal was supported by a resolution with

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**Interpretation:** The interpretation involves understanding the provisions of Rule 11 of the NCLT

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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:** SH. L. N.…; Sh. Harnam Singh…
- **Appellants:** MTC Ispat P…
- **Respondents:** Steel Feather…

## Timeline

- **N/A — Filing of App…**: An application (IA No. 2934/23) was filed for the withdrawal of the admitted petition…
- **2023-12-20 — Order Del…**: The court allowed IA No.2934/23 and dismissed CP(IB)No.86/Chd/Hry/2023 as withdrawn. The…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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