# In the matter of ABM Rubber Industries Pvt. Ltd. I.A. No. 68-2019 with CP (IB) No. 7-GB-2019

> NCLT judgment dated 2019-09-12. Citation: TCN-2019-NCLT-01494. The case involves an application (I.A. No.68 of 2019) for the withdrawal of a company petition…

- **Court:** NCLT
- **Order date:** 12 Sept 2019
- **Citation:** TCN-2019-NCLT-01494
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abm-rubber-industries-pvt-ltd-ia-no-68-2019-with-cp-ib-no-7-gb-2019-9d2547a2

## Summary

### Background

The case involves an application (I.A. No.68 of 2019) for the withdrawal of a company petition filed under Section 8 and 9 of the Insolvency & Bankruptcy Code, 2016. The petition was filed by Machinery Agencies, the Operational Creditor, against ABM Rubber Industries Pvt. Ltd., the Corporate Debtor.

## Facts

Machinery Agencies, the Operational Creditor, initiated a company petition against ABM Rubber Industries Pvt. Ltd., the Corporate Debtor, under Section 8 and 9 of the Insolvency & Bankruptcy Code, 2016. Mr. Amit Pareek, the IRP, filed an application (I.A. No.68 of 2019) seeking withdrawal of the company petition. The court considered the IRP's presence and the application, ultimately allowing the withdrawal. The interim application and the main company petition were both disposed of as a result.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition (I.A. No.68 of 2019) should be …

**Ratio:** An IRP can request the withdrawal of a company petition, and the court has the discretion

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**Reasoning:** The court considered the presence of the IRP, Mr. Amit Pareek, and the application filed

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**Interpretation:** The court interpreted the IRP's request as a valid reason to discontinue the

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**Application:** The court applied the ratio to the specific facts, where the IRP's presence and

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## Parties

- **Judges:** Venkata Subba Rao…; Ashutosh C…
- **Appellants:** Machinery A…
- **Respondents:** ABM Rubber…

## Timeline

- **2019-09-11 — Order Da…**: Order was dated in…
- **2019-09-12 — Order Del…**: Order delivered on 12th…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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