# In the matter of Forge India Pvt.  Ltd. IA No. 626-2021 And CP(IB) No. 76-Chd-HP-2020

> NCLT judgment dated 2022-02-02. Citation: TCN-2022-NCLT-04284. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Forge…

- **Court:** NCLT
- **Order date:** 2 Feb 2022
- **Citation:** TCN-2022-NCLT-04284
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/forge-india-pvt-ltd-ia-no-626-2021-and-cpib-no-76-chd-hp-2020-f13967a4

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Forge India Pvt. Ltd. Aarti Steels Ltd., the petitioner/operational creditor, filed a petition under Section 9 of the IBC 2016. The CIRP proceedings were already initiated against the respondent/corporate debtor, Forge India Pvt. Ltd., vide order dated 12.01.2022 in CP(IB) No. 588/Chd/HP/2020.

## Facts

Aarti Steels Ltd. filed a petition against Forge India Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016. Corporate Insolvency Resolution Process (CIRP) proceedings had already been initiated against Forge India Pvt. Ltd. via an order dated 2022-01-12 in CP(IB) No. 588/Chd/HP/2020. Aarti Steels Ltd. sought to withdraw the present petition to file a claim before the Interim Resolution Professional/Resolution Professional. The court dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petitioner, Aarti Steels Ltd., can withdraw the present petition to file a claim before …

**Ratio:** A party can withdraw a petition with the permission of the court, especially when the

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**Reasoning:** The court considered the statement of the learned counsel for the petitioner, who

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**Interpretation:** The interpretation is that the court has the discretion to allow the withdrawal

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

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Aarti Steel…
- **Respondents:** Forge India Pvt.…

## Timeline

- **2022-01-12 — Order for CIRP…**: An order was passed by the Bench in CP(IB) No. 588/Chd/HP/2020 initiating Corporate…
- **2022-02-02 — Order of Di…**: The present petition filed by Aarti Steels Ltd. was dismissed as withdrawn, and IA No.…

## 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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