# In the matter of Prayag Polytech Pvt. Ltd.  MA (IBC) No. 01-JPR-2023 in CP No. (IB)- 296-9-JPR-2019

> NCLT judgment dated 2023-02-07. Citation: TCN-2023-NCLT-04730. The case involves an application (MA (IBC) No. 01/JPR/2023) filed by the Petitioner under Rule…

- **Court:** NCLT
- **Order date:** 7 Feb 2023
- **Citation:** TCN-2023-NCLT-04730
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prayag-polytech-pvt-ltd-ma-ibc-no-01-jpr-2023-in-cp-no-ib-296-9-jpr-2019-77d964b3

## Summary

### Background

The case involves an application (MA (IBC) No. 01/JPR/2023) filed by the Petitioner under Rule 8 read with Rule 6 of IBC (Application to Adjudicating Authority) Rules, 2016, seeking withdrawal of the main petition. The matter is before the National Company Law Tribunal, Jaipur Bench.

## Facts

Sudarshan Chemical Industries Ltd., the Operational Creditor/Applicant, filed an application MA (IBC) No. 01/JPR/2023 seeking to withdraw the main petition against Prayag Polytech Pvt. Ltd., the Corporate Debtor/Respondent. The application was filed under Rule 8 read with Rule 6 of the IBC (Application to Adjudicating Authority) Rules, 2016. The court heard the advocates for both parties and granted permission for the withdrawal. Consequently, CP No. (IB)-296/9/JPR/2019 was dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main petition by the Operational Creditor should be …

**Ratio:** The ratio is based on the Adjudicating Authority's power to allow withdrawal of an

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**Reasoning:** The court reasoned that the petitioner sought to withdraw the main petition, and no

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**Interpretation:** The interpretation involves understanding the provisions of the IBC and the

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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:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Sudarshan…
- **Respondents:** Prayag Polytech…
- **Advocates:** Veyanktes…; Vipul G…

## Timeline

- **2023-02-07 — Order Da…**: Order passed by the NCLT Jaipur Bench allowing the withdrawal of MA (IBC) No. 01/JPR/2023…

## 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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