# In the matter of K.P.R. Industries (India) Limited C.P (IB) No. 237-9-HDB-2017

> NCLT judgment dated 2019-02-07. Citation: TCN-2019-NCLT-04974. The case involves a petition filed by Ion Exchange (India) Ltd, an operational creditor,…

- **Court:** NCLT
- **Order date:** 7 Feb 2019
- **Citation:** TCN-2019-NCLT-04974
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kpr-industries-india-limited-cp-ib-no-237-9-hdb-2017-ab4e6e53

## Summary

### Background

The case involves a petition filed by Ion Exchange (India) Ltd, an operational creditor, against KPR Industries (India) Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. The matter was listed for reporting settlement.

## Facts

Ion Exchange (India) Ltd, an operational creditor, filed a petition against KPR Industries (India) Ltd, the corporate debtor, under Section 9 of the IBC, 2016. The operational creditor sought to initiate CIRP against the corporate debtor. The matter was listed for reporting settlement. The operational creditor's counsel filed a memo stating that the corporate debtor had settled the matter out of court and sought permission to withdraw the petition. The petition had not yet been admitted, and no IRP had been appointed. The court granted permission to withdraw the petition, and it was subsequently dismissed.

## Issues and analysis

### Issue 1: Whether the operational creditor can be granted permission to withdraw the petition under Rule 8 of …

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

…

**Reasoning:** The court reasoned that since the petition was not yet admitted and no IRP was appointed,

…

**Interpretation:** Rule 8 provides a procedural mechanism for withdrawing applications under the

…

**Application:** The court applied Rule 8 to the facts of the case, noting that the petition was

…

## Parties

- **Judges:** Ratakonda…
- **Respondents:** KPR Industries…

## Timeline

- **2017-01-01 — Company Petiti…**: CP(IB) No.237/9/HDB/2017 filed…
- **2019-02-13 — Hearing…**: Attendance-cum-order sheet of the…

## 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)

---

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/kpr-industries-india-limited-cp-ib-no-237-9-hdb-2017-ab4e6e53