# In the matter of KVR Industries Private Limited IA No. 41,42,51,52 & 62 of 2020 in CP (IB) No. 204-7-AMR-2019

> NCLT judgment dated 2020-06-08. Citation: TCN-2020-NCLT-01233. The case involves a Company Petition (CP (IB) No. 204/7/AMR/2019) filed by PP Bafna Ventures…

- **Court:** NCLT
- **Order date:** 8 Jun 2020
- **Citation:** TCN-2020-NCLT-01233
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kvr-industries-private-limited-ia-no-41425152-62-of-2020-in-cp-ib-no-204-7-amr-2-0034fd1c

## Summary

### Background

The case involves a Company Petition (CP (IB) No. 204/7/AMR/2019) filed by PP Bafna Ventures Private Limited (Financial Creditor) against KVR Industries Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking Corporate Insolvency Resolution Process (CIRP). Another Company Petition (TCP (IB) No. 119/9/AMR/2019) filed by Eshwar Enterprises (Operational Creditor) against the same Corporate Debtor was admitted earlier. The Financial Creditor then filed IA No. 41 of 2020 seeking restoration of the present Company Petition and IA No. 42 of 2020 seeking restoration of the interim order. The Corporate Debtor filed counters and also filed IA Nos. 51 and 52 of 2020 alleging forgery of the Applicant's signature in IA Nos. 41 and 42.

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## Facts

PP Bafna Ventures Private Limited (Financial Creditor) filed a Company Petition (CP (IB) No. 204/7/AMR/2019) against KVR Industries Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Prior to this, Eshwar Enterprises (Operational Creditor) had already filed and had admitted TCP (IB) No. 119/9/AMR/2019 against the same Corporate Debtor. The Financial Creditor's petition was initially disposed of with a direction to approach the Interim Resolution Professional (IRP). Subsequently, the Operational Creditor's petition was withdrawn. The Financial Creditor then filed IA No. 41 of 2020 seeking restoration of the Company Petition and IA No. 42 of 2020 seeking restoration of the interim order. The Corporate Debtor contested these

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## Issues and analysis

### Issue 1: Whether IA Nos. 41 and 42 of 2020, seeking restoration of the Company Petition and interim order, …

**Ratio:** An applicant has the prerogative of prosecuting or withdrawing their application.

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**Reasoning:** The court noted that the Financial Creditor sought to withdraw the applications. However,

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**Interpretation:** The court interpreted that while an applicant has the right to withdraw an

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**Application:** The court applied this principle by allowing the withdrawal of IA Nos. 41 and

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## Parties

- **Judges:** Janab Mohammed…
- **Appellants:** M/s. P. P. Bafna…
- **Respondents:** KVR Industries…; M/s. KVR Industrie…
- **Advocates:** Niranjan…; I. V. Siddhivardha…; +4 more

## Timeline

- **2019-01-01 — CP (IB) No. 204/7/AMR/20…**: Company Petition filed by PP Bafna Ventures Private Limited against KVR Industries…
- **2019-01-01 — TCP (IB) No. 119/9/AMR/2…**: Company Petition filed by Eshwar Enterprises…

## 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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