# In the matter of Visa Steel Ltd. CP (IB) No. 823-KB-2018

> NCLT judgment dated 2018-07-04. Citation: TCN-2018-NCLT-01205. The case pertains to CP (IB) No. 823/KB/2018 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 4 Jul 2018
- **Citation:** TCN-2018-NCLT-01205
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/visa-steel-ltd-cp-ib-no-823-kb-2018-16009631

## Summary

### Background

The case pertains to CP (IB) No. 823/KB/2018 before the National Company Law Tribunal, Kolkata Bench. The matter involves IFGL Refractories Ltd. as the operational creditor and VISA Steels Ltd. as the corporate debtor. The hearing was held on July 4th, 2018.

## Facts

The case involves IFGL Refractories Ltd. as the operational creditor and VISA Steels Ltd. The hearing for CP (IB) No. 823/KB/2018 was held on July 4th, 2018. The counsel representing the operational creditor informed the court that they were not pursuing the application. Consequently, the court dismissed the application.

## Issues and analysis

### Issue 1: Whether the application under CP (IB) No. 823/KB/2018 should be dismissed given the operational …

**Ratio:** A party has the right to withdraw or not press their application before a court or

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**Reasoning:** The court's decision to dismiss the application is based on the operational creditor's

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**Interpretation:** The interpretation is that the operational creditor, for reasons not explicitly

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**Application:** In this specific case, the operational creditor's decision not to press the

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## Parties

- **Judges:** Jinan…
- **Respondents:** VISA Steel…

## Timeline

- **2018-07-04 — Hearing…**: Hearing for CP (IB) No.…
- **2018-07-04 — Application D…**: The application was dismissed as the…

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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/visa-steel-ltd-cp-ib-no-823-kb-2018-16009631