# In the matter of Manali Vintrade Private Limited

> NCLT judgment dated 2023-10-06. Citation: TCN-2023-NCLT-01363. The case involves M/S ATTAL PLASTICS versus MANALI VINTRADE PRIVATE LIMITED. The hearing took…

- **Court:** NCLT
- **Order date:** 6 Oct 2023
- **Citation:** TCN-2023-NCLT-01363
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/manali-vintrade-private-limited-825f68c2

## Summary

### Background

The case involves M/S ATTAL PLASTICS versus MANALI VINTRADE PRIVATE LIMITED. The hearing took place on October 6, 2023. Two demand drafts were handed over to the counsel for the Operational Creditor, which they accepted. The principal amount was payable by the counsel appearing for the Corporate Debtor.

## Facts

M/S ATTAL PLASTICS initiated a Corporate Insolvency Resolution Process (CIRP) application against MANALI VINTRADE PRIVATE LIMITED under Section 9 of the IBC. During the hearing on October 6, 2023, two demand drafts were handed over to the Operational Creditor's counsel, representing a principal amount payable by the Corporate Debtor. The Operational Creditor's counsel expressed their intention to claim interest and requested the liberty to pursue this claim in an appropriate forum. The case was then dismissed as withdrawn, with the Operational Creditor retaining the right to pursue their interest claim separately.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted the liberty to withdraw the CIRP application …

**Ratio:** The principle is that a party can withdraw a case with the liberty to pursue alternative

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**Reasoning:** The court reasoned that allowing the withdrawal with the liberty to pursue the interest

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**Interpretation:** This interprets the procedural law to allow withdrawal of a case with specific

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**Application:** The ratio and reasoning are applied to the specific facts, where the

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Appellants:** M/S ATTAL P…
- **Respondents:** MANALI VINTRADE…

## Timeline

- **2023-10-06 — Hearing…**: Hearing on the matter was held on…
- **2023-10-04 — Demand Draf…**: Two demand drafts, dated 04.10.2023, were handed over to the Operational Creditor's…

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