Text area with ck editor returns a null value when sending data to ajax laravel and jQuery

In the text area of my form, I have integrated CK editor and it shows the editor very well in the textarea, but the issue is when I add value in the text area and try to send it via ajax I get a null value being sent. But when I remove the ck editor code the code is being sent. Which point might I be missing here?

on clicking the create policy button the addeitpolicymodal is called..
// add a new policy

  $(document).on('click','#createpolicy',function(){
     $('#addeditpolicymodal').modal('toggle');
     $('.addeditpolicy_title').html('Add A new Policy');
     $('#savepolicy').html('Create the Policy');
     // integrate ck editor
     $("#policy_description_ck").html('<textarea class="form-control text-white bg-dark policydesceditor" name="policy_description" placeholder="Describe the Policy Details here.explain it with as more details as possible"></textarea>');
     ClassicEditor
     .create( document.querySelector( '.policydesceditor' ),
     {
        toolbar: {
           items: [
              'heading', '|',
              'bold', 'italic', '|',
              'link', '|',
              'outdent', 'indent', '|',
              'bulletedList', 'numberedList', '|',
              'undo', 'redo'
           ],
           shouldNotGroupWhenFull: true
        }
     })
     $("#addremovevideo").hide();
  });

Here is my ajax code that sends data:

$('#savepolicy').click(function(e){
        e.preventDefault();
        var policyid=$('#policyid').val();
        var url = '{{ route("createupdate.policy", ":id") }}'; 
        policyupdateurl = url.replace(':id',policyid);

        var form = $('#addeditpolicyform')[0];
        var formdata=new FormData(form);

        $.ajax({
           url:policyupdateurl,
           method:'POST',
           processData:false,
           contentType:false,
           data:formdata,
           success:function(response)
           {
              console.log(response);
              if (response.status==400)
              {
                 $('.policy_errorlist').html(" ");
                 $('.policy_errorlist').removeClass('d-none');
                 $.each(response.message,function(key,err_value)
                 {
                    $('.policy_errorlist').append('<li>' + err_value + '</li>');
                 })
              } else if (response.status==200)
              {
                    alertify.set('notifier','position', 'top-right');
                    alertify.success(response.message);
                    policycatstable.ajax.reload();
                    $('.addeditcatpolicy').html('');
                    $('.catlabel').html('');
                    $('.save_button').html('');
                    $('.policycat_id').val('');
                    $('#policycat_title').val('');
                    $('.adminaddeditpolicy').modal('hide');
              }
            });
          });