# In the matter of HPM Industries Ltd. (IB)-1302(PB)-2019

> NCLT judgment dated 2019-06-11. Citation: TCN-2019-NCLT-02964. The petitioner, PI Industries Ltd., sought to withdraw its petition. The counsel for the…

- **Court:** NCLT
- **Order date:** 11 Jun 2019
- **Citation:** TCN-2019-NCLT-02964
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hpm-industries-ltd-ib-1302pb-2019-56c67afd

## Summary

### Background

The petitioner, PI Industries Ltd., sought to withdraw its petition. The counsel for the petitioner requested the withdrawal and also sought permission to file a fresh petition under Section 9 of the Insolvency & Bankruptcy Code.

## Facts

PI Industries Ltd. filed a petition, the details of which are not specified in the document. The petitioner then requested to withdraw the petition. The petitioner's counsel also requested liberty to file a fresh petition under Section 9 of the Insolvency & Bankruptcy Code. The court allowed the withdrawal and granted the requested liberty.

## Issues and analysis

### Issue 1: Whether the petitioner should be …

**Ratio:** A petitioner has the right to withdraw a petition, subject to the court's discretion and

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**Reasoning:** The court likely considered that allowing the withdrawal would not cause undue prejudice

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**Interpretation:** The interpretation of the law allows for the withdrawal of petitions under

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**Application:** The court applied this principle by allowing PI Industries Ltd. to withdraw its

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## Parties

- **Judges:** DEEPTI M…; SH. S.K MOH…
- **Appellants:** PI Industri…
- **Respondents:** HPM Industries…

## Timeline

- **2019-06-11 — Order Del…**: Order delivered on the withdrawal of the petition and grant of liberty to file a fresh…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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