# In the matter of Chairman Processors Pvt. Ltd. CP No. (IB)- 75-9-JPR-2021

> NCLT judgment dated 2022-10-27. Citation: TCN-2022-NCLT-00606. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 27 Oct 2022
- **Citation:** TCN-2022-NCLT-00606
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/chairman-processors-pvt-ltd-cp-no-ib-75-9-jpr-2021-70984c7c

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner, an operational creditor, sought to initiate corporate insolvency resolution process against the corporate debtor. The petitioner's counsel sought to withdraw the petition.

## Facts

Rampal Toshniwal, representing M/s Ridhi Sidhi, is the operational creditor. Chairman Processors Pvt. Ltd. is the corporate debtor. The operational creditor filed a petition under Section 9 of the IBC, 2016. The operational creditor's counsel, Mr. Ankit Sareen, sought to withdraw the petition. The corporate debtor's counsel, Mr. Abhishek Naik, objected to the exclusion of the limitation period. The court dismissed the petition as withdrawn, allowing the operational creditor to seek remedy under the law, excluding the time spent in the current proceedings. The corporate debtor's objection was overruled.

## Issues and analysis

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

**Ratio:** A petitioner is generally allowed to

…

**Reasoning:** The court granted permission for the withdrawal, indicating that there were no apparent

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**Interpretation:** The court interpreted the procedural rules to allow the petitioner to withdraw

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**Application:** The petitioner's request to withdraw the petition was granted, and the petition

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Rampal Toshniwal…
- **Respondents:** Chairman Processor…

## Timeline

- **N/A — Petition…**: Operational Creditor filed a petition under Section 9 of IBC, 2016 against the Corporate…
- **2022-10-27 — Order Da…**: The court dismissed the petition as withdrawn with liberty to seek appropriate remedy…

## 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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