# In the matter of R. Arihant MA-277-IB-2018 In CP-707-IB-2017

> NCLT judgment dated 2019-01-31. Citation: TCN-2019-NCLT-05087. The case involves an application by State Bank of India (SBI) as the lead member of the…

- **Court:** NCLT
- **Order date:** 31 Jan 2019
- **Citation:** TCN-2019-NCLT-05087
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/r-arihant-ma-277-ib-2018-in-cp-707-ib-2017-0741cb78

## Summary

### Background

The case involves an application by State Bank of India (SBI) as the lead member of the Committee of Creditors (CoC). The application was filed in relation to a Corporate Insolvency Resolution Process (CIRP).

## Facts

State Bank of India, leading a CoC, filed an application. A Withdrawal Memo was filed after a Demand Draft of ₹35 Lakhs was received from the Promoter-Director of the Respondent Company to cover CIRP costs. The Supreme Court had previously issued an order on 14.08.2018 in State Bank of India Vs. V.Ramakrishnan & ANR (Civil Appeal No: 3595 of 2018). The application was subsequently dismissed as withdrawn. The receipt of funds for CIRP costs appears to be the primary reason for the withdrawal.

## Issues and analysis

### Issue 1: Whether the Company Application should be dismissed as withdrawn following the receipt of a Demand …

**Ratio:** An application can be dismissed as withdrawn when the applicant files a withdrawal memo,

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**Reasoning:** The court reasoned that since the applicant (State Bank of India) filed a Withdrawal Memo

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**Interpretation:** This case interprets the procedural aspects of withdrawing an application in

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** State Bank of…
- **Respondents:** R. ARI…
- **Advocates:** CHANDRA PRAKASH…; K. CHAN…

## Timeline

- **2018-08-14 — Supreme Cour…**: The Supreme Court passed an order in the matter of State Bank of India Vs. V.Ramakrishnan…
- **2019-01-31 — Hearing…**: Hearing held at Chennai Bench of…

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