# In the matter of Central Bank of India Vs. Dinesh Gupta vide CP(IB) No. 136-Chd-CHD-2021

> NCLT judgment dated 2021-08-04. Citation: TCN-2021-NCLT-01461. The case involves an application (IA No.366/2021) and a corporate insolvency resolution process…

- **Court:** NCLT
- **Order date:** 4 Aug 2021
- **Citation:** TCN-2021-NCLT-01461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/central-bank-of-india-vs-dinesh-gupta-vide-cp-c72dbea9

## Summary

### Background

The case involves an application (IA No.366/2021) and a corporate insolvency resolution process (CP(IB) No.136/Chd/CHD/2021) filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, and Rule 11 of the NCLT Rules, 2016. The Central Bank of India, the financial creditor, initiated proceedings against Dinesh Gupta, the personal guarantor.

## Facts

Central Bank of India, as the financial creditor, initiated a corporate insolvency resolution process against Dinesh Gupta, the personal guarantor. During the hearing, the petitioner's counsel requested to withdraw the instant CP due to certain defects, seeking the liberty to file a fresh CP with better particulars. The court acknowledged the defects and the petitioner's request.

## Issues and analysis

### Issue 1: Whether the petitioner should be granted the liberty to withdraw the instant CP with the freedom to …

**Ratio:** The ratio is based on the principle that a party should be allowed to rectify defects in

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**Reasoning:** The court reasoned that since there were defects in the instant CP, allowing the

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**Interpretation:** The interpretation involves understanding the court's discretion to allow

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** RaghuNa…; Ajay Kumar…
- **Appellants:** Central Bank of…
- **Respondents:** Dinesh…
- **Advocates:** Pulkit…

## Timeline

- **N/A — IA No.366/2021 and CP(IB) No.136/Chd/CHD/2021…**: Filing of IA No.366/2021 and CP(IB)…
- **2021-08-04 — Order Da…**: IA No.366/2021 and CP(IB) No.136/Chd/CHD/2021 are dismissed as withdrawn with liberty to…

## Legal provisions

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

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