Authority: National Company Law Tribunal, Hyderabad Bench - 1
Order Date: 15-06-2026
Case Overview
The National Company Law Tribunal (NCLT) Hyderabad Bench heard matters related to Company Petition IB/143/2022 filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. The petition involved RARE Asset Reconstruction Ltd as the Petitioner against Mr. Prakash Chand Gupta and M/s. MBS Impex Pvt Ltd as Respondents. The specific hearing concerned Interlocutory Application (IA) number IA (IBC) 847/2026, which was filed within IA (IBC) 1330/2024 in the main company petition.
During the hearing held in hybrid mode (VC and Physical) on June 15, 2026, at 12:10 PM, the Learned Counsel for the Applicant, Ms. N Aishwarya, stated that she wished to withdraw the application. The Bankruptcy Trustee, CA. K Sri Vamsi, was also present. The bench comprised Hon'ble Member (Judicial) Sh. Rajeev Bhardwaj and Hon'ble Member (Technical) Sh. Sanjay Puri.
Final Outcome
The Tribunal dismissed IA (IBC) 847/2026 as withdrawn, accepting the applicant's request to withdraw the application. The order was signed by both members of the bench.
Topics: Insolvency Proceedings, Legal Withdrawal