# In the matter of Om Biomedic Pvt. Ltd. IA No.203-2021 & 120-2020 In CP (IB) No.349-Chd-Hry-2019

> NCLT judgment dated 2021-04-07. Citation: TCN-2021-NCLT-02443. The case involves an application for withdrawal of a corporate insolvency resolution process…

- **Court:** NCLT
- **Order date:** 7 Apr 2021
- **Citation:** TCN-2021-NCLT-02443
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/om-biomedic-pvt-ltd-ia-no203-2021-120-2020-in-cp-ib-no349-chd-hry-2019-94097faf

## Summary

### Background

The case involves an application for withdrawal of a corporate insolvency resolution process (CIRP) petition filed by State Bank of India against Om Biomedic Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditor sought to withdraw the petition under Rule 11 of the NCLT Rules, 2016.

## Facts

State Bank of India, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Om Biomedic Pvt. Ltd., the corporate debtor. Subsequently, the financial creditor filed an application (IA No.203/2021) seeking withdrawal of the corresponding petition under Rule 11 of the NCLT Rules, 2016. The court heard the submissions and perused the application. The relevance of these facts lies in the financial creditor's decision to withdraw the insolvency petition, which the court ultimately allowed, leading to the dismissal of the CIRP.

## Issues and analysis

### Issue 1: Whether the financial creditor's application for …

**Ratio:** The ratio is based on the court's discretion to allow withdrawal of a CIRP petition under

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**Reasoning:** The court reasoned that the financial creditor had sought withdrawal of the petition, and

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**Interpretation:** This involves interpreting the procedural rules governing the withdrawal of

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** RAGHU N…; P.S.N. P…; +1 more
- **Appellants:** State Bank of…
- **Respondents:** Om Biomedic Pvt.…

## Timeline

- **2019-01-01 — CP (IB)…**: CP (IB) No.349/Chd/Hry/2019 filed…
- **2021-01-01 — IA Filed for W…**: IA No.203/2021 filed by State Bank of India for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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