# In the matter of Khushbu Vinyl Pvt. Ltd. C.P. (IB) No. 274-9-NCLT-AHM-2019

> NCLT judgment dated 2019-07-29. Citation: TCN-2019-NCLT-02238. The case pertains to CP(IB) No. 274/9/NCLT/AHM/2019 before the Ahmedabad Bench of the National…

- **Court:** NCLT
- **Order date:** 29 Jul 2019
- **Citation:** TCN-2019-NCLT-02238
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/khushbu-vinyl-pvt-ltd-cp-ib-no-274-9-nclt-ahm-2019-79f89c73

## Summary

### Background

The case pertains to CP(IB) No. 274/9/NCLT/AHM/2019 before the Ahmedabad Bench of the National Company Law Tribunal. The petitioner, Parasmani Polymers LLP, filed an IB petition. However, an IB petition under Section 7 has already been admitted against the Corporate Debtor, Khushbu Vinyl Pvt. Ltd., in CP(IB) 60/2019. The petitioner, therefore, sought to withdraw the instant petition.

## Facts

Parasmani Polymers LLP filed an IB petition against Khushbu Vinyl Pvt. Ltd. However, an IB petition under Section 7 of the Insolvency and Bankruptcy Code had already been admitted against Khushbu Vinyl Pvt. Ltd. in CP(IB) 60/2019 on 2019-07-19. Consequently, the lawyer representing Parasmani Polymers LLP submitted that they would not press the instant petition and filed a pursis to withdraw it. The court then dismissed CP(IB) 274/2019 as withdrawn, allowing the petitioner to file their claim before the IRP/RP.

## Issues and analysis

### Issue 1: Whether CP(IB) 274/2019 should be dismissed as withdrawn given that an IB petition under Section 7 …

**Ratio:** When a prior application under Section 7 of the Insolvency and Bankruptcy Code has

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**Reasoning:** The court reasoned that since an IB petition under Section 7 had already been admitted

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**Interpretation:** This interpretation acknowledges the efficiency of consolidating insolvency

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**Application:** In this case, the petitioner, Parasmani Polymers LLP, sought to withdraw their

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## Parties

- **Judges:** Manorama…; CHOCKLINGRAM…
- **Appellants:** Parasmani…
- **Respondents:** Khushbu Vinyl Pvt…

## Timeline

- **2019-07-19 — Admission of IB…**: An IB Petition filed under section 7 was admitted against the Corporate Debtor Khushbu…
- **2019-07-29 — Hearing and…**: The Ahmedabad Bench of the National Company Law Tribunal held a hearing. The petitioner…

## 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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