# In the matter of Sri Rama Steels CP (IB) No. 252-Chd-CHD-2018

> NCLT judgment dated 2019-08-07. Citation: TCN-2019-NCLT-02038. M/s Meenakshi Enterprises, an operational creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 7 Aug 2019
- **Citation:** TCN-2019-NCLT-02038
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-rama-steels-cp-ib-no-252-chd-chd-2018-30710907

## Summary

### Background

M/s Meenakshi Enterprises, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Sri Rama Steels, the corporate debtor. The petition was registered as CP (IB) No. 252/Chd/CHD/2018 before the National Company Law Tribunal (NCLT), Chandigarh Bench.

## Facts

M/s Meenakshi Enterprises, an operational creditor, initiated insolvency proceedings against Sri Rama Steels, the corporate debtor, by filing a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. The case was registered as CP (IB) No. 252/Chd/CHD/2018 before the NCLT Chandigarh Bench. Subsequently, the petitioner requested to withdraw the petition, which was confirmed by their advocate, Shri Vaibhav Sahni. The NCLT considered the request and allowed the withdrawal, leading to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the petitioner can withdraw the insolvency petition filed under Section 9 of the Insolvency …

**Ratio:** The legal principle is that a petitioner can withdraw a petition if they choose to do so,

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**Reasoning:** The court reasoned that the petitioner had requested withdrawal of the petition, and the

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**Interpretation:** The interpretation is that the petitioner has the right to withdraw the

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**Application:** In this case, the petitioner's request for withdrawal was allowed, and the

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** M/s Meenakshi…
- **Respondents:** Rama St…

## Timeline

- **2018-01-01 — Petition…**: M/s Meenakshi Enterprises filed a petition under Section 9 of the Insolvency and…
- **2019-08-07 — Order Del…**: The NCLT allowed the withdrawal of the…

## 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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