# In the matter of Dak Rolls Pvt. Ltd. IA No. 42-JPR-2022 in CP No. (IB)-240-9-9JPR-2019

> NCLT judgment dated 2022-02-28. Citation: TCN-2022-NCLT-03948. The case involves an application (IA No. 42/JPR/2022) and a corporate insolvency resolution…

- **Court:** NCLT
- **Order date:** 28 Feb 2022
- **Citation:** TCN-2022-NCLT-03948
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dak-rolls-pvt-ltd-ia-no-42-jpr-2022-in-cp-no-ib-240-9-9jpr-2019-fd3759ed

## Summary

### Background

The case involves an application (IA No. 42/JPR/2022) and a corporate insolvency resolution process (CP No. (IB)-240/9/JPR/2019) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor, Santosh Steel Corporation, filed the application against the corporate debtor, Dak Rolls Pvt. Ltd. The applicant, Sourabh Malpani, CA, requested to withdraw the petition unconditionally.

## Facts

Santosh Steel Corporation, the operational creditor/applicant, initiated a corporate insolvency resolution process against Dak Rolls Pvt. Ltd., the corporate debtor/respondent, under Section 9 of the IBC, 2016. The applicant, Sourabh Malpani, CA, representing the operational creditor, appeared before the NCLT Jaipur Bench and submitted that they did not want to proceed with the case. They requested an unconditional withdrawal of the petition. The court, after hearing the submission, allowed the withdrawal of IA No. 42/JPR/2022 and dismissed CP No. (IB)-240/9/JPR/2019 as withdrawn.

## Issues and analysis

### Issue 1: Whether the application for withdrawal …

**Ratio:** The court has the discretion to allow the withdrawal of a petition if the applicant

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**Reasoning:** The court considered the submission of the applicant, Sourabh Malpani, CA, who stated

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**Interpretation:** This interpretation allows the applicant to withdraw the petition, provided

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**Application:** In this case, the applicant's clear statement of not wanting to proceed and the

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** Santosh Steel…
- **Respondents:** Dak Rolls Pvt.…

## Timeline

- **2019-01-01 — CP Filed…**: CP No. (IB)-240/9/JPR/2019 filed…
- **2022-01-01 — IA Filed…**: IA No. 42/JPR/2022…

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