# In the matter of Punjab Switchgears Pvt. Ltd. CA NO. 445-2019 in CP (IB) No.48-Chd-Pb-2019

> NCLT judgment dated 2019-06-14. Citation: TCN-2019-NCLT-02896. M/s Revex Plasticisers Pvt. Ltd. filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 14 Jun 2019
- **Citation:** TCN-2019-NCLT-02896
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/punjab-switchgears-pvt-ltd-ca-no-445-2019-in-cp-ib-no48-chd-pb-2019-12f824a8

## Summary

### Background

M/s Revex Plasticisers Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Punjab Switchgears Pvt. Ltd. The petition was admitted, and a moratorium was declared. Mr. Madan Gopal Jindal was appointed as the Interim Resolution Professional (IRP). Subsequently, the Operational Creditor (Revex Plasticisers) received the unpaid operational debt from the Corporate Debtor (Punjab Switchgears) and sought to withdraw the petition under Rule 11 of the NCLT Rules, 2016.

## Facts

M/s Revex Plasticisers Pvt. Ltd. (Operational Creditor) initiated CIRP against M/s Punjab Switchgears Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2019-06-07, and a moratorium was imposed. Mr. Madan Gopal Jindal was appointed as the IRP. The outstanding operational debt was ₹5,33,433/-, including interest. The Corporate Debtor paid ₹4,50,325/- to the Operational Creditor. After receiving the unpaid operational debt, the Operational Creditor sought to withdraw the CIRP petition. The IRP confirmed that all professional fees and CIRP costs of ₹1,13,356/- had been paid. The settlement occurred before the constitution of the Committee of Creditors. The relevance of the facts is that they demonstrate

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## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the CIRP petition after receiving the unpaid …

**Ratio:** Rule 11 of the NCLT Rules, 2016, allows for the withdrawal of a petition under certain

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**Reasoning:** The court noted that the Operational Creditor had received the settlement amount and

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**Interpretation:** The legal issue revolves around the interpretation of Rule 11 of the NCLT

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** M.K. Sh…; Pradeep R.…
- **Appellants:** M/s Revex…
- **Respondents:** M/s Punjab…

## Timeline

- **2019-06-07 — Petition Filed and…**: Petition filed under Section 9 of the Insolvency and Bankruptcy Code 2016 by M/s Revex…
- **N/A — Moratorium D…**: Moratorium in terms of Sub-Section (1) of…

## 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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