# In the matter of TSP Access Retail Pvt. Ltd. C P No. 1310-(MAH)-2017

> NCLT judgment dated 2017-10-17. Citation: TCN-2017-NCLT-00280. The case involves a company petition filed by a petitioner creditor against TSP Access Rental…

- **Court:** NCLT
- **Order date:** 17 Oct 2017
- **Citation:** TCN-2017-NCLT-00280
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tsp-access-retail-pvt-ltd-c-p-no-1310-mah-2017-a9293b32

## Summary

### Background

The case involves a company petition filed by a petitioner creditor against TSP Access Rental Pvt. Ltd. The petition was related to an outstanding amount of Rs.98,33,252/-. The petitioner creditor subsequently filed an application for withdrawal of the company petition.

## Facts

The Petitioner Creditor filed a company petition against TSP Access Rental Pvt. Ltd. for an outstanding amount of Rs.98,33,252/-. TSP Access Rental Pvt. Ltd. made the payment of the outstanding amount in two tranches. Following the payment, the Petitioner Creditor sought permission to withdraw the petition. The application for withdrawal was dated 16th October 2017. The court considered the circumstances and the relevant code before disposing of the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the Petitioner Creditor's application for withdrawal of the company petition should be …

**Ratio:** When a debtor makes payment of the outstanding amount, the creditor may seek to withdraw

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**Reasoning:** The court reasoned that since the Respondent Debtor had made the payment, the Petitioner

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**Interpretation:** This case interprets the process of withdrawal of a company petition when the

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**Application:** In this specific case, the Respondent Debtor's payment of the outstanding

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## Parties

- **Judges:** M.K. Sh…; Bhaskara Pantula…
- **Appellants:** RAPID Access LLC…
- **Respondents:** TSP Access Rental…

## Timeline

- **2017-10-16 — Application for…**: The Petitioner Creditor filed an application…
- **2017-10-17 — Order Da…**: The court disposed of the…

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