# In the matter of PCI Ltd. IB-175-ND-2021

> NCLT judgment dated 2021-06-04. Citation: TCN-2021-NCLT-02029. The case involves an application filed under Rule 8 of the IB (Application to Adjudicating…

- **Court:** NCLT
- **Order date:** 4 Jun 2021
- **Citation:** TCN-2021-NCLT-02029
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pci-ltd-ib-175-nd-2021-5e9df989

## Summary

### Background

The case involves an application filed under Rule 8 of the IB (Application to Adjudicating Authority) Rules 2016 for withdrawal of an application filed under Section 9 of the IB Code, with a grant of liberty to revive the same if required. The operational creditor sought to withdraw the application, and the court considered the submissions of both the operational creditor's and corporate debtor's counsels.

## Facts

M/s. ID Serve Solutions, the operational creditor, filed an application under Section 9 of the IBC. Subsequently, an application was made to withdraw the initial application. The Adjudicating Authority permitted the withdrawal, allowing the applicant to file a fresh application, including a prayer to revive the matter if required. Counsels for both the operational creditor and the corporate debtor, M/s. PCI Ltd., were present during the proceedings. The main petition, CP-IB No.175/ND/2021, was dismissed as withdrawn, with liberty granted to the petitioners to revive the application.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the withdrawal of an application filed under …

**Ratio:** The principle is that an applicant can withdraw an application if circumstances warrant,

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**Reasoning:** The court reasoned that allowing the withdrawal would permit the applicant to refile with

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**Interpretation:** The interpretation of Rule 8 allows for withdrawal to facilitate a more

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**Application:** In this case, the court applied the principle by allowing the withdrawal,

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## Parties

- **Judges:** P.S.N. P…; SHRI, NARENDER…
- **Appellants:** M/s. ID Serve…
- **Respondents:** M/s. PCI…

## Timeline

- **2021-05-12 — Previous…**: Last order dated 12th May, 2021, where the Adjudicating Authority permitted the applicant…
- **2021-06-04 — Order Del…**: Order delivered on 04.06.2021, dismissing the main petition as withdrawn and granting…

## 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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