The case involves M/s Paper Creations as the petitioner and Jai Laxmi Lighting Industries (P) Ltd. as the respondent. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner sought to withdraw the instant petition.
M/s Paper Creations filed a petition against Jai Laxmi Lighting Industries (P) Ltd. under Section 9 of the IBC, 2016. The petitioner sought to withdraw the petition because the demand notice, as required by Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, was not sent before filing the petition. The absence of the demand notice is a procedural deficiency that could impact the admissibility and maintainability of the petition. The petitioner was granted the liberty to file a fresh petition on the same cause of action.
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Order delivered on the petition, allowing…
The case involves M/s Paper Creations as the petitioner and Jai Laxmi Lighting Industries (P) Ltd. as the respondent. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner sought to withdraw the instant petition.
M/s Paper Creations filed a petition against Jai Laxmi Lighting Industries (P) Ltd. under Section 9 of the IBC, 2016. The petitioner sought to withdraw the petition because the demand notice, as required by Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, was not sent before filing the petition. The absence of the demand notice is a procedural deficiency that could impact the admissibility and maintainability of the petition. The petitioner was granted the liberty to file a fresh petition on the same cause of action.
Order delivered on the petition, allowing…