# In the matter of Man Pakash Talkies Pvt. Ltd.

> NCLT judgment dated 2023-02-10. Citation: TCN-2023-NCLT-04644. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 10 Feb 2023
- **Citation:** TCN-2023-NCLT-04644
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/man-pakash-talkies-pvt-ltd-af854a74

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Udai Kant Mishra Prop. Surya Properties and Investments, the Operational Creditor, against Man Prakash Talkies Pvt. Ltd., the Corporate Debtor. The Operational Creditor sought initiation of the corporate insolvency resolution process against the Corporate Debtor. The matter was heard through video conferencing.

## Facts

Udai Kant Mishra Prop. Surya Properties and Investments, the Operational Creditor, filed a petition against Man Prakash Talkies Pvt. Ltd., the Corporate Debtor, under Section 9 of the IBC, 2016. During the proceedings, the Operational Creditor, represented by Mr. Anuroop Singhi, Adv., informed the court that the agreed amount had been received from the Corporate Debtor, represented by Mr. Prateek Kedawat, Adv. Consequently, the Operational Creditor sought to withdraw the petition. The court granted permission for the withdrawal, leading to the dismissal of CP No. (IB)-294/9/JPR/2019.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw a petition filed under Section 9 of the IBC, 2016, …

**Ratio:** A petition under Section 9 of the IBC can be withdrawn if the Operational Creditor

…

**Reasoning:** The court reasoned that since the Operational Creditor had received the agreed amount and

…

**Interpretation:** This case interprets Section 9 of the IBC to allow for withdrawal of petitions

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**Application:** In this specific case, the Operational Creditor received the agreed amount from

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Udai Kant Mishra…
- **Respondents:** Man Prakash…
- **Advocates:** Anuroop S…; Prateek K…

## Timeline

- **2019-01-01 — CP No. (IB)-294/9/JPR/20…**: Operational Creditor filed CP No.…
- **2023-02-10 — Order Is…**: Court dismissed CP No. (IB)-294/9/JPR/2019 as withdrawn after the Operational Creditor…

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