# In the matter of Bank of Baroda Vs. Punam Singh, C.P. (IB)/131(KB)2021.

> NCLT judgment dated 2021-06-30. Citation: TCN-2021-NCLT-01902. The case involves a petition filed under Section 95(1) of the IBC. The matter was initially…

- **Court:** NCLT
- **Order date:** 30 Jun 2021
- **Citation:** TCN-2021-NCLT-01902
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bank-of-baroda-vs-punam-singh-cp-15b66457

## Summary

### Background

The case involves a petition filed under Section 95(1) of the IBC. The matter was initially fixed for hearing on 05.07.2021 but was taken up earlier on 29.06.2021 based on a mentioning via email.

## Facts

Bank of Baroda filed a petition against Punam Singh under Section 95(1) of the Insolvency and Bankruptcy Code (IBC). The matter was initially scheduled for a hearing on July 5, 2021, but was advanced to June 29, 2021, due to a request made via email. During the hearing, the applicant's counsel, Mr. Avishek Guha, requested permission to withdraw the petition. The reason for the withdrawal was that the proposed Resolution Professional was already acting as the Liquidator for the Corporate Debtor. The court acknowledged these submissions and subsequently dismissed the petition, CP(IB)/131(KB)2021, as withdrawn, while granting the applicant the option to file a new petition in compliance with the law.

## Issues and analysis

### Issue 1: Whether the applicant should be …

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

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**Reasoning:** The court considered the submission of the applicant's counsel that the proposed

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**Interpretation:** This reflects the court's discretion to allow withdrawal of petitions when

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**Application:** The applicant's counsel requested leave to withdraw the petition because the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Bank of B…
- **Respondents:** PUNAM S…

## Timeline

- **2021-06-29 — Mentioning vi…**: The matter was taken up on the…
- **2021-07-05 — Initial Heari…**: The matter was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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