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

> NCLT judgment dated 2021-06-04. Citation: TCN-2021-NCLT-02031. 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-02031
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pci-ltd-ib-175-nd-2021-f94b40ed

## Summary

### Background

The case involves an application filed under Rule 8 of the IB (Application to Adjudicating Authority) Rules 2016 on behalf of the operational creditor 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 Adjudicating Authority permitted the applicant to withdraw the application by filing a fresh application including the prayer to revive the matter if required.

## Facts

M/s. ID Serve Solutions, the operational creditor, filed an application under Section 9 of the IBC. Subsequently, an application was filed under Rule 8 of the IB (Application to Adjudicating Authority) Rules 2016 to withdraw the initial application. The Adjudicating Authority permitted the withdrawal, allowing the applicant to file a fresh application to revive the matter if needed. 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 The main petition, CP-IB No.175/ND/2021, was dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in allowing the withdrawal of the application filed …

**Ratio:** Rule 8 of the IB (Application to Adjudicating Authority) Rules 2016 allows for the

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**Reasoning:** The court considered the submissions of both counsels and perused the contents of the

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**Interpretation:** The interpretation of Rule 8 allows the Adjudicating Authority to permit the

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**Application:** In this case, the Adjudicating Authority applied Rule 8 to allow the

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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…**: The Adjudicating Authority permitted the applicant to withdraw the application by filing…
- **2021-06-04 — Order Del…**: The application for withdrawal was allowed, and the main petition was dismissed as…

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