# In the matter of CG Speciality Restaurants Pvt. Ltd. CP (IB) No.670-Chd-Hry-2019

> NCLT judgment dated 2021-08-02. Citation: TCN-2021-NCLT-01520. The case pertains to CP (IB) No.670/Chd/Hry/2019 filed under Section 9 of the IBC, 2016.…

- **Court:** NCLT
- **Order date:** 2 Aug 2021
- **Citation:** TCN-2021-NCLT-01520
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cg-speciality-restaurants-pvt-ltd-cp-ib-no670-chd-hry-2019-5ec5624e

## Summary

### Background

The case pertains to CP (IB) No.670/Chd/Hry/2019 filed under Section 9 of the IBC, 2016. Shyamoli Consultants Pvt. Limited, the Petitioner-Operational Creditor, filed the case against CG Speciality Restaurants Pvt. Ltd., the Respondent-Corporate Debtor. The advocate for the petitioner sought leave to withdraw the CP(IB) No.670/Chd/Hry/2019 unconditionally.

## Facts

Shyamoli Consultants Pvt. Limited, an operational creditor, initiated insolvency proceedings against CG Speciality Restaurants Pvt. Ltd. by filing CP(IB) No.670/Chd/Hry/2019 under Section 9 of the IBC, 2016. During the hearing, the advocate representing Shyamoli Consultants Pvt. Limited requested the NCLT to allow the withdrawal of the insolvency petition unconditionally. Consequently, the NCLT dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant the petitioner's request to withdraw the CP(IB) …

**Ratio:** The tribunal has the discretion to allow the withdrawal of an application if the

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**Reasoning:** The advocate for the petitioner sought leave to withdraw the CP(IB) No.670/Chd/Hry/2019

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**Interpretation:** The interpretation is that the tribunal has the power to allow the withdrawal

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**Application:** In this case, the advocate for the petitioner sought leave to withdraw the

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## Parties

- **Judges:** RaghuNa…; Ajay Kumar…
- **Appellants:** Shyamoli Consultan…
- **Respondents:** CG Speciality…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) No.670/Chd/Hry/2019 filed by Shyamoli Consultants Pvt. Limited against CG…
- **2021-08-02 — Order Da…**: CP(IB) No.670/Chd/Hry/2019…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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