# In the matter of Cheema Papers Limited

> NCLT judgment dated 2024-07-02. Citation: TCN-2024-NCLT-01085. The case involves applications IA(IBC)/1490(CH)2024, IA(IBC)/1491(CH)2024, and…

- **Court:** NCLT
- **Order date:** 2 Jul 2024
- **Citation:** TCN-2024-NCLT-01085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cheema-papers-limited-1feb54f5

## Summary

### Background

The case involves applications IA(IBC)/1490(CH)2024, IA(IBC)/1491(CH)2024, and IA(IBC)/1496(CH)2024 in CP (IB) 131/Chd/Chd/2023, filed under Section 7, 60(5), 12A of the IBC 2016 and Rule 11 of NCLT. IDBI Bank Limited is the petitioner, and Cheema Papers Ltd. is the respondent. IA No. 1491/2024 was filed by the RP under Section 12A of the IBC, 2016 read with Regulation 30A of CIRP (Regulations) 2016 for withdrawal of the petition bearing CP(IB) No.131/Chd/Chd/2023 filed under Section 7 of the IBC, 2016 qua Cheema Papers Limited that is the corporate guarantor to the main borrower.

## Facts

IDBI Bank Limited filed a petition against Cheema Papers Ltd. under Section 7 of the IBC, 2016. Cheema Papers Ltd. is the corporate guarantor to the main borrower. The RP filed IA No. 1491/2024 under Section 12A of the IBC, 2016 read with Regulation 30A of CIRP (Regulations) 2016 for withdrawal of the petition. The bank wants to withdraw the Section 7 petition bearing CP(IB) No. No.131/Chd/Chd/2023 filed by the Bank before this Adjudicating Authority qua the present corporate guarantor i.e. Cheema Papers Limited. The IRP confirmed that the CIRP costs and expenses had been duly paid. IA Nos.1490/2024 and 1496/2024 were also filed, and the counsel for the applicant stated that they may be permitted to withdraw the present application.

## Issues and analysis

### Issue 1: Whether IA No. 1490/2024 and IA No. …

**Ratio:** An applicant is permitted to withdraw an

…

**Reasoning:** The counsel for the applicant stated that they may be permitted to withdraw the present

…

**Interpretation:** This reflects the principle that parties can withdraw applications if they

…

**Application:** Based on the counsel's statement, the court dismissed IA No. 1490/2024 and IA

…

## Parties

- **Judges:** SH. L. N.…; Sh. Harnam Singh…
- **Appellants:** IDBI Bank L…
- **Respondents:** Cheema Papers…; Cheema Pape…

## Timeline

- **2023-01-01 — CP (IB)…**: CP (IB) 131/Chd/Chd/2023…
- **2024-07-02 — Order Del…**: Order delivered on IA(IBC)/1490(CH)2024,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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