# In the matter of Prayagraj Power Generation Co. Ltd. CA No. 35-2019 In C P No.(IB) 328-ALD-2018

> NCLT judgment dated 2019-01-31. Citation: TCN-2019-NCLT-05084. The case involves an application (CA 35/2019) filed by the Operational Creditor/Petitioner in…

- **Court:** NCLT
- **Order date:** 31 Jan 2019
- **Citation:** TCN-2019-NCLT-05084
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prayagraj-power-generation-co-ltd-ca-no-35-2019-in-c-p-noib-328-ald-2018-26212370

## Summary

### Background

The case involves an application (CA 35/2019) filed by the Operational Creditor/Petitioner in CP No. (IB) 328/2018 seeking permission to withdraw CP No. (IB) 328/2018 under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor has repaid the operational debt. CP (IB) 328/2018 was reserved for orders, and the petition was not yet admitted.

## Facts

The Operational Creditor/Petitioner filed an application (CA 35/2019) seeking permission to withdraw CP No. (IB) 328/2018 under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor, Techno Electric & Engineering Company Ltd., repaid the operational debt. CP (IB) 328/2018 was reserved for orders, and the petition was not yet admitted. Shubham Agarwal, along with Rahul Agarwal, represented the Operational Creditor. R.P. Agarwal represented the respondent. The court permitted the withdrawal, reopened the case suo moto, and disposed of it as withdrawn. The case involves Techno Electric & Engineering Company Ltd. Vs. Prayagraj Power Generation Co. Ltd.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be permitted to withdraw the CIRP application (CP No. (IB) …

**Ratio:** Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,

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**Reasoning:** The court reasoned that since the Corporate Debtor had repaid the operational debt and

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**Interpretation:** The interpretation of Rule 8 in this context suggests that the Adjudicating

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**Application:** In this specific case, the court applied the ratio by considering the fact that

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## Parties

- **Judges:** Saroj Ra…; BIKKI RAVEENDRA…
- **Appellants:** Shubham A…
- **Respondents:** Techno Electric &…; Prayagraj Power…
- **Advocates:** Shubham A…; Rahul Ag…; +1 more

## Timeline

- **2019-01-31 — Hearing…**: Hearing of Allahabad Bench of the…
- **2018-01-01 — CP No. (IB) 328/ALD/2018…**: Filing of Corporate Insolvency…

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