# In the matter of Inox Wind Ltd. CP (IB) N0. 31-Chd-HP-2017

> NCLT judgment dated 2017-10-11. Citation: TCN-2017-NCLT-00293. Jeena and Co., the operational creditor, filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 11 Oct 2017
- **Citation:** TCN-2017-NCLT-00293
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/inox-wind-ltd-cp-ib-n0-31-chd-hp-2017-56bf5a02

## Summary

### Background

Jeena and Co., the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Inox Wind Limited, the corporate debtor, for initiating the insolvency resolution process due to default in payment of debt. The petition was admitted on 05.07.2017, and certain directions were issued, including declaring a moratorium. The matter was then fixed for the appointment of an Interim Resolution Professional (IRP) and further directions.

## Facts

Jeena and Co. filed a petition against Inox Wind Limited under Section 9 of the IBC, 2016, due to a default in debt payment. The petition was admitted on 05.07.2017, and a moratorium was declared. The Corporate Debtor, Inox Wind Limited, sought time to pay the amount. The Corporate Debtor received the petition on 30.05.2017 but did not file a caveat. The court appointed Bhupesh Gupta as the Interim Resolution Professional (IRP). The powers of the Board of Directors were suspended, and the management was vested in the IRP. The IRP was directed to form a Committee of Creditors (CoC) and make a public announcement. The notice was served upon the respondent on 2017-04-04 for 2017-05-07, the date of hearing.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can permit the withdrawal of an application after it has been …

**Ratio:** Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,

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**Reasoning:** The court reasoned that after the admission of the petition, it cannot be permitted to be

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**Interpretation:** This interprets Rule 8 to mean that withdrawal is only possible if requested by

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**Application:** The court applied this principle to the present case, noting that the Corporate

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## Parties

- **Judges:** R.P.Nag…
- **Appellants:** Jeena &…
- **Respondents:** Inox Wind L…

## Timeline

- **2017-10-26 — Board Reso…**: Board of Directors authorized Devansh Jain, Rajeev Gupta, Bhupesh Juneja, Jitendra…
- **2017-05-07 — Petition Ad…**: The petition filed by the Operational Creditor was admitted, and certain directions were…

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