# In the matter of Famica Press Industries Pvt. Ltd. CA(IB)No. 858-KB-2019 in CP (IB) No. 1241-KB-2018

> NCLT judgment dated 2019-07-19. Citation: TCN-2019-NCLT-02436. The case involves CP (IB) No. 1241/KB/2018 and CA(IB) No. 858/KB/2019 before the National…

- **Court:** NCLT
- **Order date:** 19 Jul 2019
- **Citation:** TCN-2019-NCLT-02436
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/famica-press-industries-pvt-ltd-caibno-858-kb-2019-in-cp-ib-no-1241-kb-2018-5e3b30a2

## Summary

### Background

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'.

## Facts

Tata Steel Processing and Distributors Ltd. initiated Corporate Insolvency Resolution Process (CIRP) 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 Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) had not been formed, and the Expression of Interest had not been published. The parties reached a settlement, leading to the application for withdrawal. The settlement between the parties is the key fact that led to the disposal of the case.

## Issues and analysis

### Issue 1: Whether the withdrawal of CA (IB) No. 858/KB/2019 should be allowed given the settlement between …

**Ratio:** When parties to a dispute reach a settlement, the court may allow the withdrawal of the

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**Reasoning:** The court acknowledged that the parties had settled their dispute, which is a valid

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**Interpretation:** The interpretation is that the court recognizes the settlement between parties

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**Application:** Since Tata Steel Processing and Distributors Ltd. and M/s. Famica Press

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## Parties

- **Judges:** Madan B.…; Harish Chander…
- **Appellants:** Tata Steel…
- **Respondents:** M/s. Famica Press…

## Timeline

- **2019-07-19 — Hearing…**: Hearing held on July…

## 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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