# In the matter of Bajaj Hindusthan Sugar Ltd.

> NCLT judgment dated 2023-10-25. Citation: TCN-2023-NCLT-01034. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 25 Oct 2023
- **Citation:** TCN-2023-NCLT-01034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bajaj-hindusthan-sugar-ltd-0432bb6b

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 filed by State Bank of India against Bajaj Hindusthan Sugar Ltd. The Financial Creditor, State Bank of India, has stated that the outstanding amount has been paid by the Corporate Debtor. Consequently, the Financial Creditor seeks to withdraw the application.

## Facts

State Bank of India filed an application under Section 7 of the IBC against Bajaj Hindusthan Sugar Ltd. The Corporate Debtor, Bajaj Hindusthan Sugar Ltd., deposited the overdue amount towards the Term Loan and OCD coupons. State Bank of India, the Applicant, decided not to pursue the application under Section 7 of IBC 2016. The Financial Creditor filed IA No.517/2023 seeking withdrawal of the application. The Senior Counsel representing the Corporate Debtor did not object to the withdrawal. The Financial Creditor stated that the outstanding amount as fallen due has been paid by the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC 2016 filed by State Bank of India can be …

**Ratio:** An application under Section 7 of the IBC can be withdrawn if the Corporate Debtor has

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**Reasoning:** The court reasoned that since the Corporate Debtor has deposited the overdue amount and

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**Interpretation:** This interpretation allows for the resolution of insolvency proceedings outside

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**Application:** In this case, the Corporate Debtor deposited the overdue amount, and the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** State Bank of…
- **Respondents:** Bajaj Hindusthan…
- **Advocates:** Sandeep…; Ramji Srin…; +4 more

## Timeline

- **2023-10-13 — Previous…**: Reference to a previous…
- **2023-10-25 — Order Da…**: Date of the order where the application for withdrawal was allowed and the main petition…

## 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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