# In the matter of Shree Shubh Laxmi Polyplast Pvt. Ltd.

> NCLT judgment dated 2023-08-25. Citation: TCN-2023-NCLT-01914. The case involves an application for withdrawal of a petition filed under Section 9 of the…

- **Court:** NCLT
- **Order date:** 25 Aug 2023
- **Citation:** TCN-2023-NCLT-01914
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-shubh-laxmi-polyplast-pvt-ltd-74ff1894

## Summary

### Background

The case involves an application for withdrawal of a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor, Surya Exim Ltd., initiated proceedings against the corporate debtor, Shree Shubh Laxmi Polyplast Pvt. Ltd. The applicant sought permission to withdraw the present petition to file appropriate proceedings before any other court of law.

## Facts

Surya Exim Ltd., the operational creditor, filed a petition against Shree Shubh Laxmi Polyplast Pvt. Ltd., the corporate debtor, under Section 9 of the IBC, 2016. Subsequently, an application was filed to withdraw the petition, seeking the liberty to file appropriate proceedings before any other court of law. The court heard Mr. Dhruv Singhal, Adv., appearing for the operational creditor, and Ms. Akshita Koolwal, Adv., appearing for the corporate debtor. The key fact is the application for withdrawal and the court's subsequent granting of permission for the same.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition filed under Section 9 of the IBC, 2016 …

**Ratio:** The legal principle applied is the court's discretion to allow the withdrawal of a

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**Reasoning:** The court reasoned that allowing the withdrawal would enable the applicant to explore

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**Interpretation:** The interpretation involves understanding the court's power to permit

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**Application:** The court applied this principle by considering the applicant's request and the

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Surya Exi…
- **Respondents:** Shree Shubh Laxmi…

## Timeline

- **2019-01-01 — CP No. (IB)-331/9/JPR/20…**: CP No. (IB)-331/9/JPR/2019 was…
- **2023-08-25 — Order Da…**: The court dismissed CP No. (IB)-331/9/JPR/2019 as withdrawn with the liberty to resort…

## 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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