# In the matter of Supertech Ltd. IB-98-ND-2021

> NCLT judgment dated 2022-05-19. Citation: TCN-2022-NCLT-02697. This case involves an application for the withdrawal of a Section 9 application under the…

- **Court:** NCLT
- **Order date:** 19 May 2022
- **Citation:** TCN-2022-NCLT-02697
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supertech-ltd-ib-98-nd-2021-0d842a4c

## Summary

### Background

This case involves an application for the withdrawal of a Section 9 application under the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor filed the Section 9 application, bearing IB No. 98(ND)/2021. The counsel for the Operational Creditor submitted that all dues have been received and requested leave for withdrawal.

## Facts

M/s. Laxmi Steel Corporation filed a petition under Section 9 of the IBC, 2016 against M/s. Supertech Ltd. The Operational Creditor, M/s. Laxmi Steel Corporation, sought to withdraw the application after an agreement was reached on 14.08.2021, and all dues were received. The counsel for the Operational Creditor submitted that all dues had been received and requested leave to withdraw the Section 9 application. The court took the agreement on record and permitted the withdrawal.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of a Section 9 application under the …

**Ratio:** Rule 8 of the IB (Application to Adjudicating Authority) Rules, 2016, governs the

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**Reasoning:** The court reasoned that since the Operational Creditor's counsel submitted that all dues

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**Interpretation:** The interpretation of Rule 8 allows the Adjudicating Authority to consider the

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**Application:** In this case, the court applied Rule 8 by considering the submission of the

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** M/s. Laxmi Steel…
- **Respondents:** M/s. Supertech…

## Timeline

- **2021-08-14 — Agreement…**: Agreement reached…
- **2022-05-19 — Order Del…**: Order delivered on the…

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