# In the matter of Bajaj Hindusthan Sugar Ltd.

> NCLT judgment dated 2023-10-25. Citation: TCN-2023-NCLT-01029. 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-01029
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bajaj-hindusthan-sugar-ltd-1f12c40e

## 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, initially pursued the application, but later decided to withdraw it after the Corporate Debtor, Bajaj Hindusthan Sugar Ltd., deposited the overdue amount towards the Term Loan and assured payment of future overdues.

## Facts

State Bank of India filed an application under Section 7 of the IBC against Bajaj Hindusthan Sugar Ltd. Bajaj Hindusthan Sugar Ltd. deposited the overdue amount towards the Term Loan during the pendency of the application. State Bank of India decided not to pursue its application under Section 7 of the IBC. State Bank of India filed IA No.517/2023 seeking withdrawal of the Section 7 application. The counsel for the Corporate Debtor did not object to the withdrawal. The court allowed the withdrawal of the application and dismissed the main petition.

## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the IBC, 2016 can be withdrawn based on the …

**Ratio:** A financial creditor can withdraw an application filed under Section 7 of the IBC if the

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**Reasoning:** The court considered the statement made by the Financial Creditor's counsel that the

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**Interpretation:** The interpretation of the IBC allows for the withdrawal of an application if

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**Application:** In this case, the Corporate Debtor's payment of the overdue amount and

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** State Bank of…
- **Respondents:** Bajaj Hindusthan…

## Timeline

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

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