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, sought to initiate corporate insolvency resolution process against the Corporate Debtor, Bajaj Hindusthan Sugar Ltd. for outstanding dues. During the pendency of the application, the Corporate Debtor deposited the overdue amount towards the Term Loan and OCD coupons and assured to pay the future overdue(s) / Installment(s) with interest thereon, as and when, the same becomes due and payable.
State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 against Bajaj Hindusthan Sugar Ltd., the Corporate Debtor, due to outstanding amounts. During the pendency of the application, Bajaj Hindusthan Sugar Ltd. deposited the overdue amount towards the Term Loan and OCD coupons, also assuring to pay future overdues with interest. Consequently, SBI decided not to pursue its application under Section 7 of IBC 2016 at that stage and filed an application (IA No. 517/2023) for withdrawal of the petition. The counsel representing the Corporate Debtor did not object to the withdrawal. The court considered the statements and averments made and allowed the withdrawal of the main petition.
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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, sought to initiate corporate insolvency resolution process against the Corporate Debtor, Bajaj Hindusthan Sugar Ltd. for outstanding dues. During the pendency of the application, the Corporate Debtor deposited the overdue amount towards the Term Loan and OCD coupons and assured to pay the future overdue(s) / Installment(s) with interest thereon, as and when, the same becomes due and payable.
State Bank of India (SBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 against Bajaj Hindusthan Sugar Ltd., the Corporate Debtor, due to outstanding amounts. During the pendency of the application, Bajaj Hindusthan Sugar Ltd. deposited the overdue amount towards the Term Loan and OCD coupons, also assuring to pay future overdues with interest. Consequently, SBI decided not to pursue its application under Section 7 of IBC 2016 at that stage and filed an application (IA No. 517/2023) for withdrawal of the petition. The counsel representing the Corporate Debtor did not object to the withdrawal. The court considered the statements and averments made and allowed the withdrawal of the main petition.
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