# In the matter of Tata Projects Limited CP(IB) No. 151-9-HDB-2020

> NCLT judgment dated 2022-02-02. Citation: TCN-2022-NCLT-04285. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 2 Feb 2022
- **Citation:** TCN-2022-NCLT-04285
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tata-projects-limited-cpib-no-151-9-hdb-2020-e1945fba

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Premier Power Products (Calcutta) Pvt Ltd, the Operational Creditor, against Tata Projects Limited, the Corporate Debtor. The Operational Creditor sought to initiate corporate insolvency resolution process against the Corporate Debtor.

## Facts

Premier Power Products (Calcutta) Pvt Ltd, the Operational Creditor, initiated proceedings against Tata Projects Limited, the Corporate Debtor, under Section 9 of the IBC, 2016. The Operational Creditor subsequently filed a memo seeking to withdraw the petition, stating that the matter had been settled out of court. The Corporate Debtor's counsel confirmed the settlement. The Tribunal then considered the submissions and the memo.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant leave to the Operational Creditor to withdraw the company …

**Ratio:** The principle is that a party can withdraw a petition if the matter has been settled out

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**Reasoning:** The Tribunal reasoned that since the Operational Creditor had settled the matter with the

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**Interpretation:** This interprets the Tribunal's power to allow withdrawal of petitions when a

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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:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Premier Power…
- **Respondents:** Tata Projects…

## Timeline

- **2022-02-02 — Hearing…**: Hearing held on 02-02-2022 at 10:30…

## 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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