# In the matter of Vaishnavi Kosmeticos Industries Pvt. Ltd. CP(IB) No. 471-Chd-Hry-2019

> NCLT judgment dated 2022-04-12. Citation: TCN-2022-NCLT-03274. The case pertains to CP(IB) No. 471/Chd/Hry/2019 under Section 9 of the IBC 2016. The…

- **Court:** NCLT
- **Order date:** 12 Apr 2022
- **Citation:** TCN-2022-NCLT-03274
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vaishnavi-kosmeticos-industries-pvt-ltd-cpib-no-471-chd-hry-2019-7523067d

## Summary

### Background

The case pertains to CP(IB) No. 471/Chd/Hry/2019 under Section 9 of the IBC 2016. The petitioner, Aaditya Finechem Pvt. Ltd., is the Operational Creditor, and the respondent, Vaishnavi Kosmeticos Industries Pvt. Ltd., is the Corporate Debtor. The case was presented through video conferencing.

## Facts

Aaditya Finechem Pvt. Ltd., the Operational Creditor, filed a petition against Vaishnavi Kosmeticos Industries Pvt. Ltd., the Corporate Debtor, under Section 9 of the IBC 2016. The petitioner's counsel stated that the petitioner wished to withdraw the petition. No one appeared on behalf of the respondent-corporate debtor. The court considered the petitioner's request and the respondent's absence.

## Issues and analysis

### Issue 1: Whether the petition can be dismissed as withdrawn based on the petitioner's request and the …

**Ratio:** A petition can be dismissed as withdrawn if the petitioner requests withdrawal and there

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**Reasoning:** The court reasoned that since the petitioner's counsel stated that the petitioner wished

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**Interpretation:** This interpretation aligns with the principle that a party can withdraw a

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**Application:** In this case, the petitioner's request to withdraw the petition, coupled with

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Aaditya Finechem…
- **Respondents:** Vaishnavi…

## Timeline

- **2019-01-01 — Petition…**: CP(IB) No. 471/Chd/Hry/2019…
- **2022-04-12 — Petition Di…**: The petition was dismissed as withdrawn at the request of the petitioner, with no…

## 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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