# In the matter of Shri Saikrupa Sugar & Allied Industries Ltd. CP(IB)-188(MB)-2018

> NCLT judgment dated 2019-03-27. Citation: TCN-2019-NCLT-04326. The case pertains to an insolvency resolution process before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 27 Mar 2019
- **Citation:** TCN-2019-NCLT-04326
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-saikrupa-sugar-allied-industries-ltd-cpib-188mb-2018-1290f9e9

## Summary

### Background

The case pertains to an insolvency resolution process before the National Company Law Tribunal (NCLT), Mumbai Bench. The order sheet reflects the hearing held on March 27, 2019, involving Centenary Polytex Pvt. Ltd. as the applicant and Shri Saikrupa Sugar & Allied Industries Ltd. as the respondent. The matter concerns an application under the Insolvency and Bankruptcy Code, 2016.

## Facts

Centenary Polytex Pvt. Ltd. initiated an insolvency proceeding against Shri Saikrupa Sugar & Allied Industries Ltd. before the NCLT Mumbai Bench. During the hearing on March 27, 2019, the representative of the operational debtor, Shri Saikrupa Sugar & Allied Industries Ltd., submitted Consent Terms. Based on these Consent Terms, the NCLT dismissed the petition as withdrawn. The Consent Terms were taken on record along with Xerox copies of PDC (Post-Dated Checks), and the applicant, Centenary Polytex Pvt. Ltd., was granted the liberty to file a fresh application if there is a breach of the Consent Terms. The Consent Terms were made part of the order and consigned to records. This indicates a settlement between the parties leading to the withdrawal of the

…

## Issues and analysis

### Issue 1: Whether the petition filed by Centenary Polytex Pvt. Ltd. should be dismissed as withdrawn based on …

**Ratio:** A petition can be dismissed as withdrawn if the parties reach a settlement and file

…

**Reasoning:** The court reasoned that the Learned Representative of the Operational Debtor filed

…

**Interpretation:** This reflects the principle that courts encourage settlements and will

…

**Application:** In this case, the court applied this principle by dismissing the petition as

…

## Parties

- **Judges:** V. P. S…
- **Appellants:** Centenary Polytex…
- **Respondents:** Saikrupa Sugar…

## Timeline

- **2019-03-27 — Hearing…**: Hearing of Mumbai Bench of the…
- **2019-04-11 — Order Da…**: Order issued dismissing the petition as…

---

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/shri-saikrupa-sugar-allied-industries-ltd-cpib-188mb-2018-1290f9e9