# In the matter of Regnant Exim Pvt. Ltd. CP(IB) No. 166-Chd-Pb-2022

> NCLT judgment dated 2022-08-30. Citation: TCN-2022-NCLT-01217. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Aug 2022
- **Citation:** TCN-2022-NCLT-01217
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/regnant-exim-pvt-ltd-cpib-no-166-chd-pb-2022-9440a9d4

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT), Chandigarh Bench. The petitioner, Himmat Industries, is the Operational Creditor, and the respondent, Regnant Exim Pvt. Ltd, is the Corporate Debtor. The petition was presented through video conferencing.

## Facts

Himmat Industries, the Operational Creditor, filed a petition against Regnant Exim Pvt. Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. During the proceedings, the learned counsel for the petitioner stated that, on instructions, the petitioner wished to withdraw the present petition with the liberty to file it afresh. The court considered this statement and dismissed the petition as withdrawn, granting the petitioner the liberty to file afresh.

## Issues and analysis

### Issue 1: Whether the petitioner can be allowed to withdraw …

**Ratio:** A petitioner is generally allowed to withdraw a petition if they express a desire to do

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**Reasoning:** The court's reasoning is based on the statement made by the learned counsel for the

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**Interpretation:** The interpretation involves understanding the petitioner's right to withdraw a

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**Application:** In this specific case, the ratio and reasoning were applied to the facts

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Himmat Indu…
- **Respondents:** Regnant Exim Pvt.…

## Timeline

- **N/A — Petition…**: Himmat Industries filed a petition against Regnant Exim Pvt. Ltd under Section 9 of IBC…
- **N/A — Withdrawal…**: Learned counsel for the petitioner requested to withdraw the petition with the liberty to…

## 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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