The case involves an application filed by P L Industries, an Operational Creditor, against Gautami Chemicals and Pesticides Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt. The applicant later sought to withdraw the petition due to typographical and manual errors in the notice and nomenclature of the Applicant Firm in the Company Petition.
P L Industries, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Gautami Chemicals and Pesticides Private Limited, claiming a default of Rs. 4,42,183/-. The applicant sought to withdraw the petition due to typographical and manual errors in the notice and nomenclature of the Applicant Firm in the Company Petition. The Respondent did not object to the withdrawal. The application was filed under Rule 82 of the NCLT Rules, 2016, which was incorrect, as the application for withdrawal should be considered under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
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Hearing he…
Order dated 13…
The case involves an application filed by P L Industries, an Operational Creditor, against Gautami Chemicals and Pesticides Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in payment of an operational debt. The applicant later sought to withdraw the petition due to typographical and manual errors in the notice and nomenclature of the Applicant Firm in the Company Petition.
P L Industries, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Gautami Chemicals and Pesticides Private Limited, claiming a default of Rs. 4,42,183/-. The applicant sought to withdraw the petition due to typographical and manual errors in the notice and nomenclature of the Applicant Firm in the Company Petition. The Respondent did not object to the withdrawal. The application was filed under Rule 82 of the NCLT Rules, 2016, which was incorrect, as the application for withdrawal should be considered under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
Hearing he…
Order dated 13…