# In the matter of Optus Laminates Pvt. Ltd. C.P. (I.B) No. 748-9-NCLT-AHM-2019

> NCLT judgment dated 2020-10-09. Citation: TCN-2020-NCLT-00419. The case pertains to C.P.(I.B) No. 748/NCLT/AHM/2019 before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 9 Oct 2020
- **Citation:** TCN-2020-NCLT-00419
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/optus-laminates-pvt-ltd-cp-ib-no-748-9-nclt-ahm-2019-143e51c5

## Summary

### Background

The case pertains to C.P.(I.B) No. 748/NCLT/AHM/2019 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The matter involves Paarichem Resources LLP as the applicant and Optus Laminates Pvt Ltd as the respondent. The learned counsel for the Petitioner filed a withdrawal pursis to withdraw the instant petition.

## Facts

Paarichem Resources LLP filed an insolvency petition against Optus Laminates Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code. Advocate, Mr. Jaimin Dave appeared on behalf of the Petitioner. Advocate, Ms. Mansi Trivedi appeared on behalf of the Corporate Debtor. Subsequently, the petitioner filed a withdrawal pursis to withdraw the petition. The NCLT, Ahmedabad Bench, allowed the withdrawal, leading to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the petitioner's request for withdrawal of …

**Ratio:** The court has the discretion to allow the withdrawal of a petition if it deems fit,

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**Reasoning:** The court considered the request for withdrawal made by the petitioner's counsel and

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**Interpretation:** The interpretation is that the court can permit the withdrawal of an insolvency

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**Application:** In this case, the petitioner sought to withdraw the petition, and the court,

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Paarichem…
- **Respondents:** Optus Laminates…

## Timeline

- **2020-10-09 — Order Da…**: The NCLT Ahmedabad Bench dismissed…

## 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)

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