# 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-02430. 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-02430
- **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-2018-998e30cd

## 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'. The Committee of Creditors has not been formed, and the Expression of Interest has not been published.

## 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 CIRP proceedings under Section 12A of the Insolvency and Bankruptcy 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 relevance of these facts lies in the settlement between the parties, which led to the disposal of the CIRP.

## Issues and analysis

### Issue 1: Whether CA (IB) No. 858/KB/2019 should be allowed, permitting the withdrawal of the CIRP …

**Ratio:** The legal principle applied is that if the parties have settled the dispute, the court

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**Reasoning:** The court reasoned that since the parties have settled the dispute, allowing the

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**Interpretation:** This legal issue involves the interpretation of Section 12A of the Insolvency

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**Application:** In this specific case, the parties have settled the dispute, and the Committee

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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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