Punjab National Bank, acting as the Applicant/Financial Creditor, initiated proceedings against M/s. Arcee Ispat Udyog Ltd., the Respondent/Corporate Debtor, under the Companies Act, 2013. The Applicant filed Form No. 1, which included certain annexures. However, this form and its annexures were not dispatched to the Respondent/Corporate Debtor. Due to this procedural lapse, the Applicant/Financial Creditor, represented by Mr. R.S. Bhatia, sought permission from the NCLT to withdraw the current petition. The relevance of the fact that the form was not dispatched is that it represents a failure to properly notify the Respondent/Corporate Debtor of the proceedings, which is a fundamental requirement of due process.

Punjab National Bank, acting as the Applicant/Financial Creditor, initiated proceedings against M/s. Arcee Ispat Udyog Ltd., the Respondent/Corporate Debtor, under the Companies Act, 2013. The Applicant filed Form No. 1, which included certain annexures. However, this form and its annexures were not dispatched to the Respondent/Corporate Debtor. Due to this procedural lapse, the Applicant/Financial Creditor, represented by Mr. R.S. Bhatia, sought permission from the NCLT to withdraw the current petition. The relevance of the fact that the form was not dispatched is that it represents a failure to properly notify the Respondent/Corporate Debtor of the proceedings, which is a fundamental requirement of due process.