The case involves an IB Petition filed by the operational creditor. The petitioner seeks to withdraw the present IB Petition with the liberty to file a fresh one after completing the statutory formalities. Previously, the same petitioner had filed an IB petition that was withdrawn due to a settlement between the parties. Now, the petitioner alleges non-compliance with the settlement terms and claims a fresh cause of action for filing a new petition.
Sh. Anup Prakash Awasthi, Advocate, representing the operational creditor, appeared before the National Company Law Tribunal (NCLT), Allahabad Bench. The operational creditor sought permission to withdraw an existing IB Petition with the intention of filing a fresh petition after fulfilling all statutory requirements. A previous IB petition filed by the same petitioner had been withdrawn due to a settlement between the involved parties. The petitioner now claims non-compliance with the settlement terms, leading to a new cause of action. The court's attention was drawn to a prior order dated 2018-12-12, which sought clarification regarding the necessity of a formal demand notice under Section 8 of the I&B Code before filing an application under Section 9. The
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Court's previous order seeking clarification…
The court granted permission to withdraw the IB…
The case involves an IB Petition filed by the operational creditor. The petitioner seeks to withdraw the present IB Petition with the liberty to file a fresh one after completing the statutory formalities. Previously, the same petitioner had filed an IB petition that was withdrawn due to a settlement between the parties. Now, the petitioner alleges non-compliance with the settlement terms and claims a fresh cause of action for filing a new petition.
Sh. Anup Prakash Awasthi, Advocate, representing the operational creditor, appeared before the National Company Law Tribunal (NCLT), Allahabad Bench. The operational creditor sought permission to withdraw an existing IB Petition with the intention of filing a fresh petition after fulfilling all statutory requirements. A previous IB petition filed by the same petitioner had been withdrawn due to a settlement between the involved parties. The petitioner now claims non-compliance with the settlement terms, leading to a new cause of action. The court's attention was drawn to a prior order dated 2018-12-12, which sought clarification regarding the necessity of a formal demand notice under Section 8 of the I&B Code before filing an application under Section 9. The
…Court's previous order seeking clarification…
The court granted permission to withdraw the IB…