# In the matter of Jhandewalas Foods Ltd. CP No. (IB)-21-7-JPR-2022

> NCLT judgment dated 2022-11-07. Citation: TCN-2022-NCLT-00519. Kotak Mahindra Bank Ltd., the Financial Creditor, initiated proceedings against Jhandewalas…

- **Court:** NCLT
- **Order date:** 7 Nov 2022
- **Citation:** TCN-2022-NCLT-00519
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jhandewalas-foods-ltd-cp-no-ib-21-7-jpr-2022-046561dc

## Summary

### Background

Kotak Mahindra Bank Ltd., the Financial Creditor, initiated proceedings against Jhandewalas Foods Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter was presented before the National Company Law Tribunal (NCLT), Jaipur Bench. The proceedings were conducted through video conferencing.

## Facts

Kotak Mahindra Bank Ltd. initiated a corporate insolvency resolution process against Jhandewalas Foods Ltd. under Section 7 of the IBC, 2016. During the proceedings before the NCLT Jaipur Bench, the Financial Creditor's counsel submitted that the matter had been settled between the parties. An OTS proposal was submitted by the Corporate Debtor. Consequently, the Financial Creditor sought to withdraw the petition.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can withdraw the petition filed under Section 7 of the IBC, 2016, …

**Ratio:** A Financial Creditor is permitted to withdraw a petition filed under Section 7 of the

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**Reasoning:** The court considered the submission by the Financial Creditor's counsel that the matter

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

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**Application:** In this case, the Financial Creditor sought to withdraw the petition after a

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Kotak Mahindra…
- **Respondents:** Jhandewalas Foods…
- **Advocates:** Pramod…; Sagrika…; +1 more

## Timeline

- **2022-07-01 — Filing of CP (IB)-21/7/J…**: Kotak Mahindra Bank Ltd. filed CP No. (IB)-21/7/JPR/2022 against Jhandewalas Foods Ltd.…
- **2022-11-07 — Order of Di…**: The NCLT, Jaipur Bench, dismissed CP No. (IB)-21/7/JPR/2022 as withdrawn, following a…

## 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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