Relinace Commercial Finance Ltd, the financial creditor, filed a petition under Section 7 of the IBC, 2016, against RCM Infrastructure Ltd, the corporate debtor. The petition was filed before the NCLT, Hyderabad Bench. During the proceedings, the financial creditor filed a withdrawal memo, citing that CIRP had already commenced against the corporate debtor. The learned counsel for the financial creditor sought permission to withdraw the petition. The court considered the memo and the relevant rules before granting permission to withdraw the petition. The relevance of the CIRP commencement against the corporate debtor is that it made the current petition redundant.

Relinace Commercial Finance Ltd, the financial creditor, filed a petition under Section 7 of the IBC, 2016, against RCM Infrastructure Ltd, the corporate debtor. The petition was filed before the NCLT, Hyderabad Bench. During the proceedings, the financial creditor filed a withdrawal memo, citing that CIRP had already commenced against the corporate debtor. The learned counsel for the financial creditor sought permission to withdraw the petition. The court considered the memo and the relevant rules before granting permission to withdraw the petition. The relevance of the CIRP commencement against the corporate debtor is that it made the current petition redundant.