# In the matter of Arcee lspat Udyog Pvt. Ltd. CP (IB) NO. 17-Chd-Hry-2017

> NCLT judgment dated 2017-05-09. Citation: TCN-2017-NCLT-00862. The case pertains to CP (IB) NO. 17/Chd/Hry/2017 before the National Company Law Tribunal,…

- **Court:** NCLT
- **Order date:** 9 May 2017
- **Citation:** TCN-2017-NCLT-00862
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/arcee-lspat-udyog-pvt-ltd-cp-ib-no-17-chd-hry-2017-7df35ba7

## Summary

### Background

The case pertains to CP (IB) NO. 17/Chd/Hry/2017 before the National Company Law Tribunal, Chandigarh Bench, Chandigarh. It involves the Companies Act, 2013. Punjab National Bank is the Applicant/Financial Creditor, and M/s. Arcee Ispat Udyog Ltd. is the Respondent/Corporate Debtor. The Applicant/Financial Creditor filed Form No. 1 with annexures but did not dispatch it to the Respondent/Corporate Debtor.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the Applicant/Financial Creditor should be …

**Ratio:** A party may be allowed to withdraw a petition if there are valid reasons, such as

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**Reasoning:** The court considered the fact that the Applicant/Financial Creditor had filed Form No. 1

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**Interpretation:** This issue involves the interpretation of procedural rules and the court's

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**Application:** The ratio was applied to the specific facts of the case, where the failure to

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## Parties

- **Judges:** R.P.Nag…; Deepa Kr…; +1 more
- **Appellants:** Punjab National…
- **Respondents:** M/s Arcee Ispat…
- **Advocates:** R. S. B…

## Timeline

- **2017-05-09 — Order Da…**: The court permitted the Applicant/Financial Creditor to withdraw the instant petition…

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