# In the matter of Petrolube India Ltd. IB-343-(ND)-2017

> NCLT judgment dated 2019-07-08. Citation: TCN-2019-NCLT-02640. The case involves Mr. Columbia Petro Chem Pvt. Ltd. as the petitioner and M/s Petrolube India…

- **Court:** NCLT
- **Order date:** 8 Jul 2019
- **Citation:** TCN-2019-NCLT-02640
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/petrolube-india-ltd-ib-343-nd-2017-4b239add

## Summary

### Background

The case involves Mr. Columbia Petro Chem Pvt. Ltd. as the petitioner and M/s Petrolube India Ltd. as the respondent, under Section 9 of the IBC, 2016. The learned counsel for the Resolution Professional (RP) has filed an application seeking withdrawal of the application, which is filed in CA No. 431/C-III/ND/2019 and posted on 15.07.2019. CA No. 172 of 2019 and CA No. 431 of 2019 are to be listed on 15.07.2019. CA No. 296/C-III/ND/2018 is an application seeking direction against the learned RP. The erstwhile promoters of the company/corporate debtor brought to the notice of the Tribunal that the said application is not maintainable, considering that CA No. 344 of 2018 has been moved by the learned counsel for RP, bringing to the notice of the Tribunal the acts and

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## Facts

Mr. Columbia Petro Chem Pvt. Ltd. initiated a case against M/s Petrolube India Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. An application was filed seeking withdrawal of the initial application (CA No. 431/C-III/ND/2019). Another application (CA No. 296/C-III/ND/2018) was filed seeking direction against the Resolution Professional (RP). The erstwhile promoters of the corporate debtor challenged the maintainability of CA No. 296/C-III/ND/2018, arguing that CA No. 344 of 2018, which addresses the conduct of the erstwhile management under Sections 43 and 66 of the IBC, is relevant. The pleadings related to CA No. 344 of 2018 were not readily available in the Tribunal's records.

## Issues and analysis

### Issue 1: Whether CA No. 296/C-III/ND/2018, seeking direction against the Resolution Professional, is …

**Ratio:** The principle is that related matters should be heard sequentially, especially when the

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**Reasoning:** The Tribunal reasoned that the issues raised in CA No. 344 of 2018, concerning the

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**Interpretation:** This legal issue involves interpreting the procedural aspects of the IBC and

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**Application:** The ratio and reasoning are applied to the specific facts by deferring the

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## Parties

- **Judges:** R. VARADH…; Deepa Kr…; +1 more
- **Appellants:** Columbia Petro…
- **Respondents:** M/s Petrolube…

## Timeline

- **2019-07-08 — Order Del…**: Order delivered on…
- **2019-07-15 — Application…**: Application seeking withdrawal of the application has been filed in CA No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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