# In the matter of Innovative Textiles Pvt. Ltd. CA No. 369-2019 in IB-35-ND-2019

> NCLT judgment dated 2019-07-22. Citation: TCN-2019-NCLT-02396. The case involves a petition filed by BDH Corporation (India) against Innovative Textiles Ltd…

- **Court:** NCLT
- **Order date:** 22 Jul 2019
- **Citation:** TCN-2019-NCLT-02396
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/innovative-textiles-pvt-ltd-ca-no-369-2019-in-ib-35-nd-2019-94d18761

## Summary

### Background

The case involves a petition filed by BDH Corporation (India) against Innovative Textiles Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was initially admitted, leading to the appointment of an Insolvency Resolution Professional (IRP).

## Facts

BDH Corporation (India) filed a petition against Innovative Textiles Ltd under Section 9 of the IBC, 2016. The petition was initially admitted, and an Insolvency Resolution Professional (IRP) was appointed. Subsequently, the petitioner, represented by Mr. Vijay Chauhan, Advocate, sought to withdraw the petition. The Tribunal considered this request, along with the relevant rules, and dismissed the petition as withdrawn. The IRP was directed to file expenditure details, and the parties were instructed to remit the dues to the IRP within 10 days. The initial order admitting the petition was passed on 15.04.2019, and a subsequent revocation order was issued on 03.06.2019.

## Issues and analysis

### Issue 1: Whether the petition filed by BDH Corporation (India) against Innovative Textiles Ltd should be …

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

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**Reasoning:** The court considered the representation made by the petitioner's advocate, Mr. Vijay

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**Interpretation:** The interpretation of Rule 8 of the I&B (Application to Adjudicating

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**Application:** In this case, the petitioner expressed a clear intention to withdraw the

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## Parties

- **Judges:** Sh.R. Varad…
- **Appellants:** BDH Corporation…
- **Respondents:** Innovative…
- **Advocates:** Vijay Ch…

## Timeline

- **2019-04-15 — Admission o…**: Tribunal passed an order for…
- **2019-06-03 — Revocation…**: Subsequent revocation order…

## 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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