# In the matter of Prem Sagar Mishra Vs. Orissa Stevedores Ltd. & Anr. CA (AT) No. 116-2018

> NCLAT judgment dated 2018-08-07. Citation: TCN-2018-NCLAT-00164. The case involves an appeal against an order dated 20th February 2018, passed by the…

- **Court:** NCLAT
- **Order date:** 7 Aug 2018
- **Citation:** TCN-2018-NCLAT-00164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/prem-sagar-mishra-vs-orissa-stevedores-ltd-anr-ca-1ca48848

## Summary

### Background

The case involves an appeal against an order dated 20th February 2018, passed by the Adjudicating Authority (National Company Law Tribunal) Kolkata Bench, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appeal was filed by Prem Sagar Mishra against Orissa Stevedores Ltd. & Anr. During the pendency of the case, the parties reached a settlement, and the appellant's counsel informed the court about this settlement on 01.08.2018. The Committee of Creditors (CoC) had also passed an order with more than 90% voting rights in favor of the settlement, allowing for an order to be passed under Section 12-A of the Insolvency and Bankruptcy Code, 2016.

## Facts

Prem Sagar Mishra filed an appeal against an order dated 20th February 2018, passed by the Adjudicating Authority (National Company Law Tribunal) Kolkata Bench, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was related to the Corporate Insolvency Resolution Process (CIRP) of Orissa Stevedores Ltd. During the pendency of the appeal, the parties reached a settlement. The Committee of Creditors (CoC) approved the settlement with more than 90% voting share. The CoC authorized the Resolution Professional to file an application with the NCLT for withdrawal of the CIRP application. Orissa Stevedores Ltd. agreed to settle dues of INR 110,000,000 against an admitted claim of INR 130,689,315, while Mr. Balbir Sharma

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## Issues and analysis

### Issue 1: Whether the appeal against the order admitting the application under Section 9 of the Insolvency …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of an

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**Reasoning:** The court considered the settlement reached between the parties and the fact that the

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**Interpretation:** Section 12A provides a mechanism for parties to resolve disputes amicably

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**Application:** In this case, the CoC's approval with more than 90% voting share, coupled with

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Prem Sagar…
- **Respondents:** Orissa Stevedores…

## Timeline

- **2018-02-20 — Initial…**: Adjudicating Authority passed an order admitting the application under Section 9 of the…
- **2018-08-01 — Settlement I…**: Learned counsel for the Appellant informed the court that the matter had been settled and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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