# In the matter of Periwinkle Herbals Pvt. Ltd. IB-250-ND-2018

> NCLT judgment dated 2018-07-23. Citation: TCN-2018-NCLT-01100. The petitioner sought to withdraw the petition, citing non-compliance with the IBC, 2016. The…

- **Court:** NCLT
- **Order date:** 23 Jul 2018
- **Citation:** TCN-2018-NCLT-01100
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/periwinkle-herbals-pvt-ltd-ib-250-nd-2018-6c20057a

## Summary

### Background

The petitioner sought to withdraw the petition, citing non-compliance with the IBC, 2016. The petitioner's counsel requested liberty to file the same petition on the same cause of action, which was initially filed under the IBC Code, 2016.

## Facts

KBL Trading Company filed a petition against Periwinkle Herbals (P) Ltd under Section 9 of the IBC Code, 2016. The petitioner, KBL Trading Company, sought to withdraw the petition because it was not in compliance with the IBC, 2016. The petitioner's counsel requested the court to grant liberty to file the same petition on the same cause of action after complying with the due procedure and addressing maintainability issues under the provisions of IBC, 2016. The court considered Rule 8 of the IBBI (Application to Adjudicating Authority) Rules, 2016.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to withdraw the petition due to non-compliance with the …

**Ratio:** A petition can be withdrawn if it does not

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**Reasoning:** The court considered that the petition was not in compliance with the IBC, 2016, and

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**Interpretation:** The interpretation of IBC, 2016, requires strict adherence to its provisions

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**Application:** The court applied the ratio to the specific facts, noting the petitioner's

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## Parties

- **Judges:** R. VARADH…; V.K. SUB…
- **Appellants:** KBL Trading…
- **Respondents:** Periwinkle…

## Timeline

- **2018-07-23 — Order Del…**: Order delivered on 23.7.2018, permitting the withdrawal of the petition 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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