# In the matter of Shree Hanuman Sugar & Industries Ltd. CP (IB) No. 982-KB-2018

> NCLT judgment dated 2019-02-08. Citation: TCN-2019-NCLT-04951. The case pertains to CP (IB) No. 982/KB/2018 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 8 Feb 2019
- **Citation:** TCN-2019-NCLT-04951
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-hanuman-sugar-industries-ltd-cp-ib-no-982-kb-2018-ad715721

## Summary

### Background

The case pertains to CP (IB) No. 982/KB/2018 before the National Company Law Tribunal, Kolkata Bench. The matter involves Spectrum Stock Service Pvt. Ltd. as the operational creditor and Shree Hanuman Sugar & Industries Ltd. as the corporate debtor. The counsels for both parties appeared and submitted that the matter has been settled between them. The counsel for the corporate debtor filed a letter on record indicating that the letter has been handed over.

## Facts

Spectrum Stock Service Pvt. Ltd. initiated a corporate insolvency resolution process against Shree Hanuman Sugar & Industries Ltd. under Section 9 of the IBC. During the proceedings before the NCLT Kolkata Bench, both parties, represented by their respective counsels, informed the court that they had reached a settlement. The corporate debtor's counsel submitted a letter confirming the settlement. Consequently, the operational creditor sought permission to withdraw the insolvency application.

## Issues and analysis

### Issue 1: Whether the operational creditor can withdraw the insolvency application filed under Section 9 of …

**Ratio:** When a settlement is reached between the operational creditor and the corporate debtor,

…

**Reasoning:** The court acknowledged the settlement between the parties and the submission by both

…

**Interpretation:** The interpretation is that the court has the discretion to allow the withdrawal

…

**Application:** In this case, the court applied the principle by granting permission to the

…

## Parties

- **Judges:** Madan B.…
- **Respondents:** Shree Hanuman…

## Timeline

- **2019-02-08 — Hearing…**: Hearing held on February 8, 2019, at 10:30 A.M. Both parties submitted that the matter…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/shree-hanuman-sugar-industries-ltd-cp-ib-no-982-kb-2018-ad715721