# In the matter of Shri Sai-Krupa Sugar & Allied Industries Ltd. CP(IB)-2829(MB)-2018

> NCLT judgment dated 2019-03-27. Citation: TCN-2019-NCLT-04313. The case involves a hearing before the Mumbai Bench of the National Company Law Tribunal (NCLT)…

- **Court:** NCLT
- **Order date:** 27 Mar 2019
- **Citation:** TCN-2019-NCLT-04313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-sai-krupa-sugar-allied-industries-ltd-cpib-2829mb-2018-0dfeca0a

## Summary

### Background

The case involves a hearing before the Mumbai Bench of the National Company Law Tribunal (NCLT) regarding a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The parties involved are Priyadarshani Polysacks Ltd as the applicant and Shri Sai-Krupa Sugar & Allied Industries Ltd as the operational debtor.

## Facts

Priyadarshani Polysacks Ltd filed a petition against Shri Sai-Krupa Sugar & Allied Industries Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Learned Representative of the Operational debtor, Shri Sai-Krupa Sugar & Allied Industries Ltd, filed Consent Terms. The Consent Terms were taken on record by the NCLT. The petition was dismissed as withdrawn, with the applicant, Priyadarshani Polysacks Ltd, retaining the liberty to file a fresh application if the Consent Terms are breached, specifically in case of default or dishonor of Post Dated Cheques. This ensures that the applicant has recourse to legal action if the operational debtor fails to adhere to the agreed-upon terms.

## Issues and analysis

### Issue 1: Whether the petition filed by Priyadarshani Polysacks Ltd should be dismissed as withdrawn based on …

**Ratio:** The legal principle applied is that when parties mutually agree to settle a dispute and

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**Reasoning:** The court reasoned that since the operational debtor filed Consent Terms, and the

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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

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## Parties

- **Judges:** V. P. S…
- **Appellants:** Priyadarshani…
- **Respondents:** Sai-Krupa Sugar &…

## Timeline

- **2019-03-27 — Hearing…**: Hearing of the Mumbai Bench of the…
- **2019-03-27 — Order Is…**: Order issued dismissing the petition as…

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