# In the matter of Shree Ambika Sugars Ltd. CP-1116-IB-2018

> NCLT judgment dated 2019-03-15. Citation: TCN-2019-NCLT-04408. The case pertains to CP/1116/IB/2018 filed before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 15 Mar 2019
- **Citation:** TCN-2019-NCLT-04408
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-ambika-sugars-ltd-cp-1116-ib-2018-b06351ba

## Summary

### Background

The case pertains to CP/1116/IB/2018 filed before the National Company Law Tribunal (NCLT), Chennai Bench. The Operational Creditor sought to withdraw the application.

## Facts

The case involves CP/1116/IB/2018. Accord Logistics is the petitioner, and Shree Ambika Sugars Ltd is the respondent. The petitioner filed a withdrawal memo, and the court dismissed the case as withdrawn. The reason for withdrawal appears to be that a major portion of the amount has been received by the applicant.

## Issues and analysis

### Issue 1: Whether the NCLT was justified in dismissing CP/1116/IB/2018 as withdrawn based on the withdrawal …

**Ratio:** The legal principle applied here is the acceptance of a party's right to withdraw a

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**Reasoning:** The court reasoned that since the Operational Creditor's counsel filed a withdrawal memo,

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**Interpretation:** This reflects the court's interpretation of procedural law, allowing for the

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**Application:** In this specific case, the filing of the withdrawal memo by Accord Logistics'

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Accord Log…
- **Respondents:** SHREE AMBIKA…

## Timeline

- **2019-03-15 — Hearing…**: Hearing held at 10:30 AM at the National…
- **N/A — Withdrawal Me…**: Operational Creditor counsel…

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