# In the matter of Addis Rubicon Pvt. Ltd. CP No. (IB)- 60-9-JPR-2022

> NCLT judgment dated 2023-01-12. Citation: TCN-2023-NCLT-05079. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 12 Jan 2023
- **Citation:** TCN-2023-NCLT-05079
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/addis-rubicon-pvt-ltd-cp-no-ib-60-9-jpr-2022-39ad3cde

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Niranjan Prop. of M/s Shree Shyam Enterprises, the Operational Creditor, filed a petition against M/s Addis Rubicon Pvt. Ltd., the Corporate Debtor. The Operational Creditor sought permission to withdraw the petition.

## Facts

Mr. Niranjan Prop. of M/s Shree Shyam Enterprises, acting as the Operational Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Addis Rubicon Pvt. Ltd., the Corporate Debtor, by filing CP No. (IB)- 60/9/JPR/2022 under Section 9 of the IBC, 2016. Subsequently, the Operational Creditor sought permission from the National Company Law Tribunal (NCLT), Jaipur Bench, to withdraw the said petition. The NCLT granted the permission, leading to the dismissal of the petition as withdrawn.

## Issues and analysis

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

**Ratio:** The legal principle applied here is the court's discretion to allow the withdrawal of a

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**Reasoning:** The court reasoned that since the Operational Creditor, who initiated the CIRP, is now

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**Interpretation:** This reflects the court's interpretation of the IBC provisions, allowing

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Niranjan Prop. of…
- **Respondents:** M/s Addis Rubicon…

## Timeline

- **2023-01-12 — Order Da…**: CP No. (IB)- 60/9/JPR/2022…

## 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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