# In the matter of R. Inderjith MA-274-IB-2018 In CP-703-IB-2017

> NCLT judgment dated 2019-01-31. Citation: TCN-2019-NCLT-05072. The State Bank of India, leading a Committee of Creditors (CoC), filed a Withdrawal Memo after…

- **Court:** NCLT
- **Order date:** 31 Jan 2019
- **Citation:** TCN-2019-NCLT-05072
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/r-inderjith-ma-274-ib-2018-in-cp-703-ib-2017-95aa88a6

## Summary

### Background

The State Bank of India, leading a Committee of Creditors (CoC), filed a Withdrawal Memo after receiving a Demand Draft for ₹35 Lakhs towards Corporate Insolvency Resolution Process (CIRP) costs from the Promoter-Director of the Respondent Company. This action was taken in accordance with an order passed by the Supreme Court on 14.08.2018 in the matter of State Bank of India Vs. V.Ramakrishnan & ANR in Civil Appeal No: 3595 of 2018.

## Facts

The State Bank of India (SBI), acting as the lead of the Committee of Creditors (CoC), filed a Withdrawal Memo. This action occurred after SBI received a Demand Draft for ₹35 Lakhs. These funds were intended to cover the costs associated with the Corporate Insolvency Resolution Process (CIRP). The funds originated from the Promoter-Director of the Respondent Company. The withdrawal was made in accordance with an order previously issued by the Supreme Court on August 14, 2018, in the case of State Bank of India versus V.Ramakrishnan & ANR (Civil Appeal No: 3595 of 2018). The NCLT subsequently dismissed the Company Application as withdrawn.

## Issues and analysis

### Issue 1: Whether the Company Application can be dismissed as withdrawn following the receipt of funds for …

**Ratio:** The legal principle applied is that a Company Application can be dismissed as withdrawn

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**Reasoning:** The court's reasoning is based on the fact that the State Bank of India, leading the CoC,

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**Interpretation:** This legal issue involves the interpretation of insolvency procedures and the

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**Application:** In this specific case, the ratio and reasoning are applied to the facts by

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Respondents:** R. INDE…

## 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 — NCLT Ord…**: The NCLT dismissed the Company Application as withdrawn following the receipt of funds…

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