# In the matter of RCM Infrastructure Limited C.P (IB) No. 109-07-HDB-2018

> NCLT judgment dated 2019-02-06. Citation: TCN-2019-NCLT-04985. The case involves a petition filed by Relinace Commercial Finance Ltd against RCM…

- **Court:** NCLT
- **Order date:** 6 Feb 2019
- **Citation:** TCN-2019-NCLT-04985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rcm-infrastructure-limited-cp-ib-no-109-07-hdb-2018-1a84fbf7

## Summary

### Background

The case involves a petition filed by Relinace Commercial Finance Ltd against RCM Infrastructure Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was filed before the National Company Law Tribunal (NCLT), Hyderabad Bench. The financial creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the financial creditor, Relinace Commercial Finance Ltd, can be granted permission to …

**Ratio:** A financial creditor can withdraw a petition filed under Section 7 of the IBC if

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**Reasoning:** The court reasoned that since CIRP had already started against the corporate debtor,

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**Interpretation:** This interprets the IBC and related rules to allow for withdrawal of petitions

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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:** Ratakonda…
- **Appellants:** Relinace Commercia…
- **Respondents:** RCM Infrastructure…

## Timeline

- **2018-01-01 — Filing of Company…**: CP(IB) No109/7/HDB/2018…
- **2019-02-06 — Hearing…**: Hearing held on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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