# In the matter of NSL Sugars Limited

> NCLT judgment dated 2022-07-28. Citation: TCN-2022-NCLT-01538. The case involves a Corporate Insolvency Resolution Process (CIRP) application filed by Canara…

- **Court:** NCLT
- **Order date:** 28 Jul 2022
- **Citation:** TCN-2022-NCLT-01538
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nsl-sugars-limited-df713305

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) application filed by Canara Bank against NSL Sugars Limited. During the pendency of the application, NSL Sugars Limited complied with the terms of a restructuring proposal sanctioned by Canara Bank and obtained approvals from other members of the Consortium of Bankers for restructuring their respective exposures.

## Facts

Canara Bank filed a CIRP application against NSL Sugars Limited. During the pendency of the CIRP application, NSL Sugars Limited complied with the terms of a restructuring proposal sanctioned by Canara Bank. NSL Sugars Limited also obtained approvals from other members of the Consortium of Bankers for restructuring their respective exposures. Canara Bank then filed a memo seeking to withdraw the CIRP application. The restructuring was sanctioned on 2020-06-11. The court took the memo on record.

## Issues and analysis

### Issue 1: Whether the CIRP application should be dismissed as withdrawn, given the corporate debtor's …

**Ratio:** A CIRP application can be dismissed as withdrawn if the corporate debtor complies with a

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**Reasoning:** The court reasoned that since the corporate debtor, NSL Sugars Limited, had complied with

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**Interpretation:** This interpretation allows for the withdrawal of a CIRP application when the

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**Application:** The court applied this principle by dismissing the CIRP application against NSL

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## Parties

- **Judges:** SH. KISHORE…; SH. MANOJ KUMAR…
- **Appellants:** Canara…
- **Respondents:** NSL Sugars…

## Timeline

- **2020-06-11 — Restructuring S…**: Restructuring sanctioned by the…
- **2022-07-28 — Memo Fil…**: Learned Counsel appearing for the Petitioner-Financial Creditor has filed a Memo vide…

## 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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