# In the matter of Shri Ambika Sugars Ltd. CP-1086-IB-2018

> NCLT judgment dated 2019-03-12. Citation: TCN-2019-NCLT-04476. The case pertains to CP/1086/IB/2018 filed before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 12 Mar 2019
- **Citation:** TCN-2019-NCLT-04476
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-ambika-sugars-ltd-cp-1086-ib-2018-a5eb581c

## Summary

### Background

The case pertains to CP/1086/IB/2018 filed before the National Company Law Tribunal (NCLT), Chennai Bench. The Operational Creditor filed a withdrawal memo.

## Facts

The case involves an application CP/1086/IB/2018 filed under Section 9 Rule 6. Brocade India Polytex Ltd is the petitioner (Operational Creditor), and Shri Ambika Sugars Ltd is the respondent. The Operational Creditor's counsel filed a withdrawal memo, leading to the dismissal of the application.

## Issues and analysis

### Issue 1: Whether the application CP/1086/IB/2018 can be dismissed as withdrawn based on the withdrawal memo …

**Ratio:** The legal principle applied here is that an applicant has the right to withdraw their

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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 interpretation aligns with the procedural rules that allow for the

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**Application:** In this specific case, the Operational Creditor, Brocade India Polytex Ltd,

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** BROCADE INDIA…
- **Respondents:** AMBIKA SUGA…

## Timeline

- **2019-03-12 — Hearing…**: Hearing held at 10.30 AM at the National…
- **N/A — Withdrawal Me…**: Operational Creditor's…

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