# In the matter of Gangotri Enterprises Ltd. CP No. (IB387-ALD-2018

> NCLT judgment dated 2019-03-26. Citation: TCN-2019-NCLT-04353. The case involves an IB Petition filed by the operational creditor. The petitioner seeks to…

- **Court:** NCLT
- **Order date:** 26 Mar 2019
- **Citation:** TCN-2019-NCLT-04353
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gangotri-enterprises-ltd-cp-no-ib387-ald-2018-8ff5d2f8

## Summary

### Background

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 Previously, the same petitioner had filed an IB petition that was withdrawn due to a settlement between the parties.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.

## Facts

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 A previous IB petition filed by the same petitioner had been withdrawn due to a settlement between the involved parties.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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## Issues and analysis

### Issue 1: Whether the petitioner should be granted permission to withdraw the present IB Petition with the …

**Ratio:** The court has the discretion to allow the withdrawal of a petition, especially when the

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**Reasoning:** The petitioner's counsel sought to withdraw the present IB Petition with the intention of

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**Interpretation:** The court interprets the petitioner's request as a desire to rectify any

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**Application:** In this specific case, the court applied the principle of allowing withdrawal

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## Parties

- **Judges:** Saroj Ra…; Harihar Prakash…
- **Appellants:** Anoop prakash…
- **Respondents:** Gangotri Enterpris…; Raghavendra…

## Timeline

- **2018-12-12 — Previous…**: Court's previous order seeking clarification from operational creditor regarding filing…
- **2019-03-26 — Order Da…**: The court granted permission to withdraw the IB Petition with the liberty to file a fresh…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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