# 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-03576. 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-03576
- **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-2019-598dfc64

## 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 that he wanted to withdraw the petition. Based on this statement, the court dismissed the petition as withdrawn. The key fact is the applicant's explicit request to withdraw the petition, which the court honored.

## Issues and analysis

### Issue 1: Whether the petition filed by Punjab National Bank against M/s World Wide Metals Pvt. Ltd. should …

**Ratio:** A party has the right to withdraw a petition it has filed, and the court may grant such a

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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:** The ratio and reasoning were applied to the specific facts of the case, where

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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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