# In the matter of Varrsana Ispat Ltd. (SBER Bank Vs. Varrsana Ispat Ltd.) CA (IB) Nos. 550 & 650-KB-2018 in CP (IB) No. 543-KB-2017

> NCLT judgment dated 2018-08-01. Citation: TCN-2018-NCLT-01021. The case involves SBER Bank versus Varrsana Ispat Ltd. Several applications (CA(IB) No.…

- **Court:** NCLT
- **Order date:** 1 Aug 2018
- **Citation:** TCN-2018-NCLT-01021
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/varrsana-ispat-ltd-sber-bank-vs-varrsana-ispat-ltd-ca-75ffaa16

## Summary

### Background

The case involves SBER Bank versus Varrsana Ispat Ltd. Several applications (CA(IB) No. 550/KB/2018, CA(IB) No. 650/KB/2018, and CA(IB) No.543/KB/2017) are being heard. CA(IB) No.650/KB/2018 was withdrawn as the applicant's claim was admitted by the Resolution Professional. The court noted that Central Bank and Indian Overseas Bank did not comply with an earlier order dated 12/07/2018. The court directed the filing of a contempt application if the banks' actions amounted to disobedience.

## Facts

SBER Bank initiated insolvency proceedings against Varrsana Ispat Ltd. Several applications, including CA(IB) No. 550/KB/2018, CA(IB) No. 650/KB/2018, and CA(IB) No.543/KB/2017, were filed as part of the proceedings. CA(IB) No.650/KB/2018 was withdrawn because the Resolution Professional admitted the applicant's claim. Central Bank and Indian Overseas Bank allegedly failed to comply with a court order dated 12/07/2018. The court is considering contempt proceedings against these banks. A meeting is scheduled to finalize the resolution plan.

## Issues and analysis

### Issue 1: Whether CA(IB) No.650/KB/2018 …

**Ratio:** An applicant can withdraw a claim if it has

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**Reasoning:** The court reasoned that since the Resolution Professional had already admitted the claim,

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**Interpretation:** This interprets the procedural rules allowing for withdrawal of applications

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**Application:** The court applied this principle by granting permission to withdraw CA(IB)

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## Parties

- **Judges:** Jinan…
- **Appellants:** SBER…
- **Respondents:** Varrsana Ispat…

## Timeline

- **2018-08-01 — Hearing…**: Hearing held on August…
- **2018-07-12 — Previous…**: Ex-parte order passed directing Central Bank, Indian Overseas Bank to comply with the…

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