# In the matter of UCAL Products Pvt. Ltd. IBA-1326-2019

> NCLT judgment dated 2021-03-31. Citation: TCN-2021-NCLT-02512. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 31 Mar 2021
- **Citation:** TCN-2021-NCLT-02512
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ucal-products-pvt-ltd-iba-1326-2019-60257515

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The petitioner sought to withdraw the petition, also requesting the liberty to file a fresh application under the relevant provisions of the Code. The corporate debtor's counsel had no objection to the withdrawal, but the tribunal did not grant the liberty to revive the petition.

## Facts

GK Sons Engineering Enterprises Pvt Ltd filed a petition against UCAL Products Pvt Ltd under Section 9 of the IBC, 2016. The petitioner, GK Sons Engineering Enterprises Pvt Ltd, sought to withdraw the petition. The counsel for the petitioner, Mr. Sarath Babu, and the counsel for the respondent, Mr. Roshan Atiq, were present through video conferencing. The petitioner also sought the liberty to file a fresh application under the relevant provisions of the Code. The corporate debtor's counsel did not object to the withdrawal. The tribunal allowed the withdrawal but denied the liberty to revive the petition.

## Issues and analysis

### Issue 1: Whether the petitioner should be …

**Ratio:** A party is generally allowed to withdraw a petition if there is no prejudice to the other

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**Reasoning:** The corporate debtor's counsel did not object to the withdrawal, indicating no prejudice.

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**Interpretation:** The right to withdraw a petition is generally recognized, subject to the

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**Application:** Since the corporate debtor did not object, the tribunal applied the general

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** GK Sons Engineerin…
- **Respondents:** Ucal Products Pvt…

## Timeline

- **2019-01-01 — Petition…**: IBA/1326/2019 petition…
- **2021-03-31 — Hearing…**: Hearing held on 31.03.2021 at 2.00…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ucal-products-pvt-ltd-iba-1326-2019-60257515