# In the matter of Stallion Tyres Ltd. C.P (IB) No. 79-09-HDB-2019

> NCLT judgment dated 2019-03-06. Citation: TCN-2019-NCLT-04579. The case involves a petition filed by Ram Charan Company Pvt Ltd, an operational creditor,…

- **Court:** NCLT
- **Order date:** 6 Mar 2019
- **Citation:** TCN-2019-NCLT-04579
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/stallion-tyres-ltd-cp-ib-no-79-09-hdb-2019-12d7928d

## Summary

### Background

The case involves a petition filed by Ram Charan Company Pvt Ltd, an operational creditor, against Stallion Tyres Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor sought initiation of the corporate insolvency resolution process against the corporate debtor.

## Facts

Ram Charan Company Pvt Ltd, the operational creditor, filed a petition against Stallion Tyres Ltd, the corporate debtor, under Section 9 of the IBC. The operational creditor claimed that the corporate debtor had defaulted on payments. During the proceedings, the operational creditor received payment from the corporate debtor, leading to a settlement of the claim. Consequently, the operational creditor filed a withdrawal memo seeking permission to withdraw the petition. The court noted that the petition had not yet been admitted and granted permission for withdrawal under Rule 8 of the I&B (AAA) Rules, 2016. The petition was then dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the operational creditor can be granted permission to withdraw the petition filed under …

**Ratio:** Rule 8 of the I&B (AAA) Rules, 2016, allows for the withdrawal of a petition under

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**Reasoning:** The court reasoned that since the operational creditor had received payment from the

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**Interpretation:** Rule 8 of the I&B (AAA) Rules, 2016, is interpreted to allow for

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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:** Ram Charan…
- **Respondents:** Stallion Ty…

## Timeline

- **2019-02-07 — Hearing…**: Hearing held on…
- **2019-03-06 — Hearing…**: Hearing held on…

## 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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