# In the matter of Shakti Resin Pvt. Ltd. CP (IB) No. 132-Chd-Hry-2018

> NCLT judgment dated 2019-01-17. Citation: TCN-2019-NCLT-05228. The case pertains to CP (IB) No.132/Chd/Hry/2018 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 17 Jan 2019
- **Citation:** TCN-2019-NCLT-05228
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shakti-resin-pvt-ltd-cp-ib-no-132-chd-hry-2018-9c01abfc

## Summary

### Background

The case pertains to CP (IB) No.132/Chd/Hry/2018 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. M/s Alfa Solvents Pvt. Ltd., the operational creditor, filed a petition against M/s Shakti Resin Pvt. Ltd., the corporate debtor. The matter was listed on 29.11.2018, and certain defects were noted, with a direction to remove them within 7 days. However, compliance with the order dated 29.11.2018 was not made.

## Facts

M/s Alfa Solvents Pvt. Ltd., an operational creditor, initiated insolvency proceedings against M/s Shakti Resin Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was filed as CP (IB) No.132/Chd/Hry/2018. When the matter was listed on 2018-11-29, the court noted certain defects and directed their removal within 7 days. However, the petitioner failed to comply with this order. Subsequently, the petitioner sought to withdraw the petition with the liberty to file a fresh petition on the same cause of action, which the court permitted. The relevance of the facts lies in the procedural handling of the insolvency petition and the petitioner's decision to withdraw and refile.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to withdraw the insolvency petition with the liberty to …

**Ratio:** The legal principle applied is the court's discretion to allow a petitioner to withdraw a

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**Reasoning:** The court reasoned that allowing the withdrawal with liberty to file a fresh petition

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**Interpretation:** The interpretation is that the court prioritizes the petitioner's right to

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**Application:** In this specific case, the court applied the ratio by allowing M/s Alfa

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** M/s Alfa Solvents…
- **Respondents:** M/s Shakti Resin…

## Timeline

- **2018-11-29 — Matter L…**: The matter was listed, and certain…
- **2019-01-17 — Order Del…**: The court permitted the petitioner to withdraw the petition with the liberty to file a…

## 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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