# In the matter of Rajasthan Fasteners Pvt. Ltd. CP No. (IB)- 308-9-JPR-2019

> NCLAT judgment dated 2022-02-07. Citation: TCN-2022-NCLAT-00696. M/s Prem Sales Corporation filed a petition against Rajasthan Fasteners Pvt. Ltd. under…

- **Court:** NCLAT
- **Order date:** 7 Feb 2022
- **Citation:** TCN-2022-NCLAT-00696
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-jaipur-bench/rajasthan-fasteners-pvt-ltd-cp-no-ib-308-9-jpr-2019-89ae92ff

## Summary

### Background

M/s Prem Sales Corporation filed a petition against Rajasthan Fasteners Pvt. Ltd. under Section 9 of the IBC, 2016.

## Facts

M/s Prem Sales Corporation is the Operational Creditor.

Rajasthan Fasteners Pvt. Ltd. is the Corporate Debtor.

The petition was filed under Section 9 of the IBC, 2016.

The Operational Creditor received and encashed a demand draft of Rs. 2 lacs.

The Operational Creditor sought to withdraw the petition.

The court granted permission for the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw …

**Ratio:** The Operational Creditor can withdraw the

…

**Reasoning:** The Operational Creditor received and encashed

…

**Interpretation:** The receipt of payment provides a valid

…

**Application:** The court allowed the withdrawal based on the Operational Creditor's request

…

## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Appellants:** M/s Prem Sales…
- **Respondents:** Rajasthan…
- **Advocates:** Naman Mahe…; Tanuj G…

## Timeline

- **2019-N/A-N/A — CP Filed…**: CP No. (IB)-308/9/JPR/20…
- **2022-02-07 — Order Is…**: Permission granted to withdraw the petition; CP No. (IB)-308/9/JPR/2019 dismissed as…

## 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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