# In the matter of Worldwide Metals Pvt. Ltd. IA-4602-ND-2021 in IB-3185-ND-2019

> NCLT judgment dated 2022-03-23. Citation: TCN-2022-NCLT-03581. The case involves Punjab National Bank as the applicant and M/s World Wide Metals Pvt. Ltd. as…

- **Court:** NCLT
- **Order date:** 23 Mar 2022
- **Citation:** TCN-2022-NCLT-03581
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/worldwide-metals-pvt-ltd-ia-4602-nd-2021-in-ib-3185-nd-2019-265e464f

## Summary

### Background

The case involves Punjab National Bank as the applicant and M/s World Wide Metals Pvt. Ltd. as the respondent. The order pertains to an application under Section 7 of the Insolvency and Bankruptcy Code (IBC).

## Facts

Punjab National Bank filed a petition against M/s World Wide Metals Pvt. Ltd. Mr. Sharad Bhatnagar, Senior Manager of Punjab National Bank, appeared with his counsel and stated his intention to withdraw the petition. The court, considering this statement, dismissed the petition as withdrawn. The case was related to Section 7 of the IBC.

## Issues and analysis

### Issue 1: Whether the petition filed by Punjab National Bank should be dismissed based on the applicant's …

**Ratio:** A party has the right to withdraw a petition filed before a court or tribunal, and the

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**Reasoning:** The court reasoned that since the Senior Manager of Punjab National Bank, along with his

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**Interpretation:** The interpretation is that the court acknowledges the right of the applicant to

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**Application:** In this specific case, the ratio and reasoning were applied directly to the

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Punjab National…
- **Respondents:** M/s World Wide…

## Timeline

- **2022-03-23 — Order Del…**: The order was delivered…

## 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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