# In the matter of Nexgen Laboratories Pvt. Ltd. CA No.42-2017 in CP (IB) No.11-Chd-Pb-2017

> NCLT judgment dated 2017-04-17. Citation: TCN-2017-NCLT-00900. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 17 Apr 2017
- **Citation:** TCN-2017-NCLT-00900
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nexgen-laboratories-pvt-ltd-ca-no42-2017-in-cp-ib-no11-chd-pb-2017-a76dd49d

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The Authorised Representative of the petitioner has withdrawn the instant petition with liberty to pursue the petition for winding up of the company already pending before the Hon'ble High Court of Punjab and Haryana.

## Facts

SIDBI filed a petition against Nexgen Laminators Pvt. Ltd. before the NCLT Chandigarh Bench. The Authorised Representative of the petitioner, SIDBI, withdrew the petition with liberty to pursue a winding-up petition already pending before the High Court of Punjab and Haryana. The NCLT dismissed the petition as withdrawn with liberty. The key fact is the withdrawal of the insolvency petition in favor of pursuing a winding-up petition in the High Court.

## Issues and analysis

### Issue 1: Whether the petitioner can withdraw an insolvency petition filed before the NCLT to pursue a …

**Ratio:** A petitioner has the right to withdraw a petition filed before a court or tribunal,

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**Reasoning:** The court allowed the withdrawal of the petition, indicating that it found no impediment

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**Interpretation:** This issue involves the interpretation of procedural laws and the court's

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**Application:** In this case, the petitioner's decision to pursue a winding-up petition in the

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## Parties

- **Judges:** R.P.Nag…
- **Appellants:** SIDB…
- **Respondents:** Nexgen Laminators…
- **Advocates:** Gaurav…; Keshvan l…; +2 more

## Timeline

- **2017-04-17 — Order Da…**: The NCLT dismissed the…

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