# In the matter of Modinagar Paper Mills Limited CP NO. (IB) 44-ALD-2021

> NCLT judgment dated 2021-10-06. Citation: TCN-2021-NCLT-00826. The case involves an application filed by the Applicant/Financial Creditor, Kotak Mahindra Bank…

- **Court:** NCLT
- **Order date:** 6 Oct 2021
- **Citation:** TCN-2021-NCLT-00826
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/modinagar-paper-mills-limited-cp-no-ib-44-ald-2021-0dfc1f67

## Summary

### Background

The case involves an application filed by the Applicant/Financial Creditor, Kotak Mahindra Bank Ltd., seeking to withdraw the main IB (Insolvency and Bankruptcy) application filed under Section 7 of the IBC (Insolvency and Bankruptcy Code).

## Facts

Kotak Mahindra Bank Ltd., the Applicant/Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Modinagar Paper Mills Limited. Subsequently, the applicant sought to withdraw the main IB application. The counsel for the applicant stated that as per the order dated 14.09.2021, the prayer for withdrawal was granted by the Bench. Consequently, the court allowed the withdrawal of CP No.(IB)44/ALD/2021.

## Issues and analysis

### Issue 1: Whether the Applicant/Financial Creditor, Kotak Mahindra Bank Ltd., can withdraw the main IB …

**Ratio:** The legal principle is that an applicant can withdraw an application filed under Section

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**Reasoning:** The court reasoned that the applicant had sought to withdraw the main IB application, and

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**Interpretation:** The interpretation is that the Adjudicating Authority has the discretion to

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**Application:** In this case, the ratio and reasoning were applied to the specific facts, where

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Kotak Mahindra…
- **Respondents:** Modinagar Paper…

## Timeline

- **N/A — Filing of IB Ap…**: The Applicant/Financial Creditor filed the main IB application under Section 7 of the…
- **2021-09-14 — Order Granting…**: The Bench granted the prayer for withdrawal of the main IB application as per the order…

## 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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