# In the matter of Kanpur Fertilizers & Chemicals Ltd. CP (IB) No. 4-ALD-2022

> NCLT judgment dated 2022-04-01. Citation: TCN-2022-NCLT-03422. This is an order from the National Company Law Tribunal (NCLT), Allahabad Bench, concerning CP…

- **Court:** NCLT
- **Order date:** 1 Apr 2022
- **Citation:** TCN-2022-NCLT-03422
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kanpur-fertilizers-chemicals-ltd-cp-ib-no-4-ald-2022-37de167f

## Summary

### Background

This is an order from the National Company Law Tribunal (NCLT), Allahabad Bench, concerning CP (IB) No.4/ALD/2022. The hearing took place on April 1, 2022, at 05:00 PM. The case involves YES Bank LTD V/S Kanpur Fertilizers & Chemicals LTD and pertains to Section 7 of the IBC. The order was passed by a bench consisting of Shri Rajasekhar V.K. (Judicial Member) and Shri Avinash Kumar Srivastava (Technical Member).

## Facts

The case CP (IB) No.4/ALD/2022 was filed by YES Bank LTD against Kanpur Fertilizers & Chemicals LTD under Section 7 of the IBC. During the hearing on April 1, 2022, the counsel appearing for the financial creditor (YES Bank LTD) requested the dismissal of the case. The NCLT bench, consisting of a Judicial Member and a Technical Member, accepted the request, and the case was dismissed as withdrawn. The key fact is the voluntary withdrawal of the case by the financial creditor, leading to its dismissal.

## Issues and analysis

### Issue 1: Whether the NCLT was justified in dismissing CP (IB) No.4/ALD/2022 as withdrawn based on the …

**Ratio:** A financial creditor has the right to withdraw an application filed under Section 7 of

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**Reasoning:** The court accepted the request of the Ld. Counsel appearing for the financial creditor to

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**Interpretation:** The interpretation is that the financial creditor, for reasons best known to

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**Application:** In this specific case, the financial creditor (YES Bank LTD) requested the

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## Parties

- **Judges:** Rajasekha…; SH. AVINASH KUMAR…
- **Respondents:** Kanpur Fertilizers…

## Timeline

- **2022-04-01 — Hearing…**: Hearing held on April…
- **2022-04-01 — Case Dism…**: CP (IB) No.4/ALD/2022 dismissed as withdrawn…

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