# In the matter of Ocean Elevators Private Limited CA(IB)No. 1792-KB-2019 in CP(IB)No. 1689-KB-2018

> NCLT judgment dated 2019-12-30. Citation: TCN-2019-NCLT-00013. The case pertains to CP(IB)No.1689/KB/2018 and CA(IB)No.1792/KB/2019 before the National…

- **Court:** NCLT
- **Order date:** 30 Dec 2019
- **Citation:** TCN-2019-NCLT-00013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ocean-elevators-private-limited-caibno-1792-kb-2019-in-cpibno-1689-kb-2018-7569683c

## Summary

### Background

The case pertains to CP(IB)No.1689/KB/2018 and CA(IB)No.1792/KB/2019 before the National Company Law Tribunal, Kolkata Bench. The matter involves Wittur Elevator Components India Pvt. Ltd. versus Ocean Elevators Pvt. Ltd. The Resolution Professional (RP) filed C.A. (IB) No. 1792/KB/2019 under Section 12A for withdrawal of the insolvency proceedings.

## Facts

Wittur Elevator Components India Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Ocean Elevators Pvt. Ltd. An application, C.A. (IB) No. 1792/KB/2019, was filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the CIRP. The application for withdrawal was based on a settlement approved by the Committee of Creditors (COC) with 100% voting. The NCLT bench, consisting of Shri M.B. Gosavi (J) and Shri Harish Chander Suri (T), considered the application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of CIRP

…

**Reasoning:** The court reasoned that since the COC had approved the settlement with 100% voting, the

…

**Interpretation:** Section 12A provides a mechanism for parties to settle their disputes and

…

**Application:** In this case, the COC approved the settlement with 100% voting. Therefore, the

…

## Parties

- **Judges:** Madan B.…; Harish Chander…
- **Appellants:** Wittur Elevator…
- **Respondents:** Ocean Elevators…

## Timeline

- **2019-12-30 — Hearing…**: Hearing held on December…
- **N/A — Application for…**: C.A. (IB) No. 1792/KB/2019 filed by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ocean-elevators-private-limited-caibno-1792-kb-2019-in-cpibno-1689-kb-2018-7569683c