# In the matter of Jaswant Rasayan Pvt. Ltd. CP (IB) No. 342-Chd-Hry-2019

> NCLT judgment dated 2019-07-25. Citation: TCN-2019-NCLT-02298. The case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 25 Jul 2019
- **Citation:** TCN-2019-NCLT-02298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jaswant-rasayan-pvt-ltd-cp-ib-no-342-chd-hry-2019-c6a6bd0e

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. Meghmani Industries Ltd., the operational creditor, initiated the insolvency proceedings against Jaswant Rasayan Pvt. Ltd., the corporate debtor.

## Facts

Meghmani Industries Ltd., located in Ahmedabad, Gujarat, filed a petition against Jaswant Rasayan Pvt. Ltd., located in Hissar, Haryana, under Section 9 of the Insolvency & Bankruptcy Code, 2016. The petitioner, Meghmani Industries Ltd., sought to withdraw the petition, indicating a settlement between the parties. The court, presided over by Hon'ble Mr. M.K. Shrawat (Judicial Member) and Hon'ble Mr. Pradeep R. Sethi (Technical Member), permitted the withdrawal, and the petition was dismissed.

## Issues and analysis

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

**Ratio:** A petitioner is generally allowed to withdraw a petition if the matter has been settled

…

**Reasoning:** The court acknowledged the request of the petitioner's counsel to withdraw the petition,

…

**Interpretation:** The interpretation is that the court has the discretion to allow the withdrawal

…

**Application:** In this case, the court applied the principle by allowing Meghmani Industries

…

## Parties

- **Judges:** M.K. Sh…; Pradeep R.…
- **Appellants:** Meghmani Industrie…
- **Respondents:** Jaswant Rasayan…

## Timeline

- **2019-07-25 — Order Del…**: The court delivered an order dismissing the petition as withdrawn, as the matter was…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/jaswant-rasayan-pvt-ltd-cp-ib-no-342-chd-hry-2019-c6a6bd0e