# In the matter of Uee Electrical Engineers Pvt. Ltd.

> NCLT judgment dated 2025-06-10. Citation: TCN-2025-NCLT-00919. An application was filed seeking withdrawal of the main petition IB-223(ND)/2024.

- **Court:** NCLT
- **Order date:** 10 Jun 2025
- **Citation:** TCN-2025-NCLT-00919
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/uee-electrical-engineers-pvt-ltd-17d93481

## Summary

### Background

An application was filed seeking withdrawal of the main petition IB-223(ND)/2024.

## Facts

XYLEM Water Solutions India Pvt. Ltd, the original Operational Creditor, filed an affidavit stating no objections for withdrawal of the matter.

Jammu & Kashmir Bank, Respondent No. 2, filed an affidavit stating no objections for withdrawal due to a settlement between the parties.

J & K Bank holds 95.77% majority shares.

Axis Bank Limited and Kotak Mahindra Prime Limited, other Financial Creditors with minority shares, did not appear despite service of notice.

The tribunal allowed the withdrawal of the main petition IB-223(ND)/2024.

Mr. Vivek Sharma, Interim Resolution Professional, was relieved of his responsibility.

The Corporate Debtor was restored to its original position.

IA-1843/2025 was dismissed as withdrawn.

IA-959/2025 was disposed of.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main …

**Ratio:** The application for withdrawal can be allowed if the parties have reached a settlement

…

**Reasoning:** The Operational Creditor and a major Financial Creditor (J&K Bank) have filed

…

**Interpretation:** The tribunal interprets the lack of objections from key creditors as a valid

…

**Application:** The tribunal applied this principle by allowing the withdrawal of the main

…

## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Respondents:** XYLEM Water…; UEE Electrical…; +1 more
- **Other parties:** Jaskaran Singh…; Raghu T…; +7 more
- **Advocates:** Jaskaran Singh…; Raghu T…; +3 more

## Timeline

- **2025-05-14 — Order Da…**: Order dated 14.05.2025, the Respondent No. 1/M/s. Xylem Water Solutions India Private…
- **2025-05-13 — Affidavit Sub…**: 13.05.2025 and submitted that there are no objections for withdrawal of the present…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/uee-electrical-engineers-pvt-ltd-17d93481