The case involves CP (IB) No. 1241/KB/2018 and CA(IB) No. 858/KB/2019 before the National Company Law Tribunal, Kolkata Bench. The matter pertains to Tata Steel Processing and Distributors Ltd. versus M/s. Famica Press Industries Pvt. Ltd. CA (IB) No. 858/KB/2019 was filed by the Operational Creditors, Tata Steel Processing and Distributors Ltd., for withdrawal of the proceedings under Section 12A of the 'I & B Code, 2016'.
Tata Steel Processing and Distributors Ltd. initiated Corporate Insolvency Resolution Process against M/s. Famica Press Industries Pvt. Ltd. under Section 9 of the IBC. CA (IB) No. 858/KB/2019 was filed by Tata Steel Processing and Distributors Ltd., the Operational Creditor, seeking withdrawal of the proceedings under Section 12A of the 'I & B Code, 2016'. The Committee of Creditors had not been formed, and no Expression of Interest had been published. The parties reached a settlement, leading to the application for withdrawal. The settlement is the key fact that led to the disposal of the case.
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Hearing held…
The case involves CP (IB) No. 1241/KB/2018 and CA(IB) No. 858/KB/2019 before the National Company Law Tribunal, Kolkata Bench. The matter pertains to Tata Steel Processing and Distributors Ltd. versus M/s. Famica Press Industries Pvt. Ltd. CA (IB) No. 858/KB/2019 was filed by the Operational Creditors, Tata Steel Processing and Distributors Ltd., for withdrawal of the proceedings under Section 12A of the 'I & B Code, 2016'.
Tata Steel Processing and Distributors Ltd. initiated Corporate Insolvency Resolution Process against M/s. Famica Press Industries Pvt. Ltd. under Section 9 of the IBC. CA (IB) No. 858/KB/2019 was filed by Tata Steel Processing and Distributors Ltd., the Operational Creditor, seeking withdrawal of the proceedings under Section 12A of the 'I & B Code, 2016'. The Committee of Creditors had not been formed, and no Expression of Interest had been published. The parties reached a settlement, leading to the application for withdrawal. The settlement is the key fact that led to the disposal of the case.
Hearing held…