# In the matter of Logan Minerals Pvt. Ltd. CA(IB)No. 1031-KB-2019 in CP(IB)No. 1706-KB-2018

> NCLT judgment dated 2019-08-20. Citation: TCN-2019-NCLT-01913. The case involves Trans Asian Shipping Pvt. Ltd. versus Logan Minerals Pvt. Ltd. The Corporate…

- **Court:** NCLT
- **Order date:** 20 Aug 2019
- **Citation:** TCN-2019-NCLT-01913
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/logan-minerals-pvt-ltd-caibno-1031-kb-2019-in-cpibno-1706-kb-2018-a717ba33

## Summary

### Background

The case involves Trans Asian Shipping Pvt. Ltd. versus Logan Minerals Pvt. Ltd. The Corporate Debtor, Logan Minerals Pvt. Ltd., was admitted into CIRP (Corporate Insolvency Resolution Process) via an order dated July 25, 2019. The CIRP was ongoing, and the Expression of Interest (Eol) had been published. However, the Resolution Professional (RP) did not attend the proceeding, and the Committee of Creditors (CoC) was yet to be formed.

## Facts

Trans Asian Shipping Pvt. Ltd. initiated insolvency proceedings against Logan Minerals Pvt. Ltd. The Corporate Debtor, Logan Minerals Pvt. Ltd., was admitted into CIRP via an order dated July 25, 2019. The CIRP was ongoing, and the Expression of Interest (Eol) had been published. However, the Resolution Professional (RP) did not attend the proceeding, and the Committee of Creditors (CoC) was yet to be formed. The parties involved have now settled the dispute amicably. This settlement is the key fact that led to the court allowing the withdrawal of the matter.

## Issues and analysis

### Issue 1: Whether the court can allow the withdrawal of the matter given that the parties have settled the …

**Ratio:** When parties to a dispute amicably settle their differences, courts generally favor

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**Reasoning:** The court reasoned that since the parties had settled the dispute amicably, continuing

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**Interpretation:** This issue involves the interpretation of the court's power to facilitate

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**Application:** In this specific case, the court applied the principle of favoring settlement

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Trans Asian…
- **Respondents:** Logan Minerals…
- **Advocates:** Souk Ken…; W. K. G…

## Timeline

- **2019-07-25 — CIRP Admi…**: Corporate Debtor admitted into…
- **2019-08-20 — Hearing…**: Hearing on 20th August, 2019,…

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