# In the matter of Gyscoal Alloys Ltd. CP(IB) 299 of 2020

> NCLT judgment dated 2021-08-02. Citation: TCN-2021-NCLT-01512. The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 2 Aug 2021
- **Citation:** TCN-2021-NCLT-01512
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gyscoal-alloys-ltd-cpib-299-of-2020-607a3ede

## Summary

### Background

The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Financial Creditor sought to withdraw the matter, stating that the matter has been settled.

## Facts

State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Gyscoal Alloys Ltd. CP(IB) 299 of 2020 was the case number. The Financial Creditor, State Bank of India, through its learned counsel, stated that the matter had been settled and sought permission to withdraw the application. The court granted the permission, leading to the withdrawal and disposal of the case.

## Issues and analysis

### Issue 1: Whether the Financial Creditor can withdraw an application filed under Section 7 of the IBC if the …

**Ratio:** A Financial Creditor is permitted to withdraw an application filed under Section 7 of the

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**Reasoning:** The court accepted the statement of the learned counsel for the Financial Creditor that

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**Interpretation:** This case interprets the procedural aspect of withdrawing an application under

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**Application:** In this specific case, the Financial Creditor, State Bank of India, sought to

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** State Bank of…
- **Respondents:** Gyscoal All…

## Timeline

- **N/A — Application under…**: State Bank of India filed an application under Section 7 of the IBC against Gyscoal…
- **2021-08-02 — Order Del…**: The court delivered an order allowing the withdrawal of the application based on the…

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