# In the matter of Veda Chem Private Limited

> NCLT judgment dated 2024-07-18. Citation: TCN-2024-NCLT-00987. The case pertains to IB-450(ND)/2020, where an application seeking withdrawal of the main…

- **Court:** NCLT
- **Order date:** 18 Jul 2024
- **Citation:** TCN-2024-NCLT-00987
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/veda-chem-private-limited-6e9f2170

## Summary

### Background

The case pertains to IB-450(ND)/2020, where an application seeking withdrawal of the main matter was filed on 2024-07-11. The Operational Creditor was previously directed to comply with an order dated 2024-05-10, as per an order dated 2024-06-13. The Operational Creditor subsequently filed an affidavit on 2024-07-11.

## Facts

M/s. MM Aqua Technologies Ltd. filed a petition/application against Veda Chem Private Limited under Section 9 of the Insolvency & Bankruptcy Code (IBC), 2016. The Operational Creditor filed an application seeking withdrawal of the main matter, IB-450(ND)/2020, on 2024-07-11. Previously, the Operational Creditor was directed to comply with an order dated 2024-05-10, as per an order dated 2024-06-13. The Operational Creditor filed an affidavit on 2024-07-11, stating compliance with the order dated 2024-05-10, including the payment of Rs. 2,00,000, with Rs. 1,80,000 transferred to the IRP's bank account and Rs. 20,000 deposited with the income tax department against the IRP's PAN. The court accepted the statement in the affidavit, noting the deduction of TDS and

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## Issues and analysis

### Issue 1: Whether the application seeking withdrawal of the …

**Ratio:** A party may withdraw an application if circumstances warrant and the court finds no

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**Reasoning:** The court considered the submission of the Operational Creditor seeking withdrawal of the

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**Interpretation:** The legal principle allows for the withdrawal of applications when the

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**Application:** The court applied this principle by allowing the withdrawal of IB-450(ND)/2020,

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## Parties

- **Judges:** SH. BACHU VENKAT…; SH. ATUL CHATURVED…
- **Appellants:** M/s. MM Aqua…
- **Respondents:** Veda Chem Private…

## Timeline

- **2024-05-10 — Order Da…**: An order was issued to…
- **2024-06-13 — Order Da…**: The Operational Creditor was directed to…

## 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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