# In the matter of Bajaj Hindusthan Sugar Ltd.

> NCLT judgment dated 2023-10-25. Citation: TCN-2023-NCLT-01030. 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-01030
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bajaj-hindusthan-sugar-ltd-69e418af

## 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, 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.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC 2016 can be withdrawn given that the Corporate …

**Ratio:** The legal principle applied is that a Financial Creditor can withdraw an application

…

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

…

**Interpretation:** The interpretation is that the IBC allows for withdrawal of applications under

…

**Application:** In this specific case, the ratio and reasoning were applied to allow the

…

## Parties

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

## Timeline

- **2023-10-13 — Previous…**: Reference to the previous…
- **2023-10-25 — Order Da…**: Date of the order: 25th…

---

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-division-bench-court-i-chenn/bajaj-hindusthan-sugar-ltd-69e418af