# In the matter of Venus Sugar Ltd. CP No. (IB) 320-ALD-2019

> NCLT judgment dated 2022-01-05. Citation: TCN-2022-NCLT-04542. The case pertains to CP No. (IB) 320/ALD/2019 filed under Section 7 of the IBC. The hearing…

- **Court:** NCLT
- **Order date:** 5 Jan 2022
- **Citation:** TCN-2022-NCLT-04542
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/venus-sugar-ltd-cp-no-ib-320-ald-2019-7035d9b4

## Summary

### Background

The case pertains to CP No. (IB) 320/ALD/2019 filed under Section 7 of the IBC. The hearing took place on January 5th, 2022. The matter was listed before the National Company Law Tribunal, Allahabad Bench.

## Facts

The case involves SASF versus Venus Sugar Ltd. A petition was filed under Section 7 of the IBC. During the hearing on January 5th, 2022, both parties' counsels informed the court that the matter had been settled out of court. The petitioner/financial creditor was represented by Sh. K. K. Tiwari, Adv., while the respondent/Corporate Debtor was represented by Ms. Manisha Chaudhary & Sh. N. Raja Singh. Based on the settlement, the court dismissed the case as withdrawn.

## Issues and analysis

### Issue 1: Whether the matter should be dismissed as withdrawn given the submission that the matter has been …

**Ratio:** When parties mutually resolve their dispute outside of court, and both parties' counsels

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**Reasoning:** The court accepted the submission of the learned counsel appearing on both sides that the

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**Interpretation:** This reflects the court's willingness to acknowledge and respect settlements

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**Application:** Since both parties, represented by their respective counsels, submitted that

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## Parties

- **Judges:** Rajasekha…; Prasanta Kumar…
- **Appellants:** Sh. K. K. Tiwari,…
- **Respondents:** Venus Suga…; Manisha Chaudhary…
- **Advocates:** K. K. T…; Manisha Cha…; +1 more

## Timeline

- **2022-01-05 — Hearing…**: Hearing held on January…
- **2022-01-05 — Case Dism…**: CP NO.(IB) 320/ALD/2019 dismissed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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