# In the matter of Rayen Steels Pvt. Ltd. CP(IB) No.111-9-HDB-2019

> NCLT judgment dated 2019-07-03. Citation: TCN-2019-NCLT-02706. The matter pertains to a company petition/application filed under CP(IB) No.111/9/HDB/2019. The…

- **Court:** NCLT
- **Order date:** 3 Jul 2019
- **Citation:** TCN-2019-NCLT-02706
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rayen-steels-pvt-ltd-cpib-no111-9-hdb-2019-a0046ba3

## Summary

### Background

The matter pertains to a company petition/application filed under CP(IB) No.111/9/HDB/2019. The case was listed for dismissal due to non-prosecution.

## Facts

The case, CP(IB) No.111/9/HDB/2019, involved Rayen Steels Pvt Ltd as the company, Basai Steels & Power Pvt Ltd as the petitioner, and Rayen Steels Pvt Ltd as the respondent. The matter was listed for dismissal, and the Operational Creditor (Basai Steels & Power Pvt Ltd) was absent. The court observed that the Operational Creditor showed no interest in proceeding with the case. The petition was filed under Section 9 of the IBC.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed due to the absence and lack of interest shown by the …

**Ratio:** A petition can be dismissed for non-prosecution if the petitioner fails to appear or

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**Reasoning:** The court reasoned that since the Operational Creditor was absent and not representing,

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**Interpretation:** This interpretation aligns with the principle that parties must actively pursue

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**Application:** In this specific case, the Operational Creditor's absence and lack of

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Basai Steels &…
- **Respondents:** Rayen Steels Pvt…

## Timeline

- **2019-07-03 — Hearing…**: Hearing held on July 3, 2019, at 10:30 AM.…

## 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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