# In the matter of Balasore Alloys Ltd.

> NCLT judgment dated 2023-04-25. Citation: TCN-2023-NCLT-03643. The case involves QVC International Pvt. Ltd. versus Balasore Alloys Ltd. under Section 9 of…

- **Court:** NCLT
- **Order date:** 25 Apr 2023
- **Citation:** TCN-2023-NCLT-03643
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/balasore-alloys-ltd-9cc9282b

## Summary

### Background

The case involves QVC International Pvt. Ltd. versus Balasore Alloys Ltd. under Section 9 of the IBC. The matter was listed before the National Company Law Tribunal (NCLT), Cuttack Bench. The order sheet reflects the hearing on April 25, 2023. The petitioner was represented by Mr. Samrat Keshari Mishra, and the respondent was represented by Mr. Sandeep S. Ladda.

## Facts

QVC International Pvt. Ltd. initiated a case against Balasore Alloys Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The case was heard by the NCLT Cuttack Bench on April 25, 2023. During the hearing, the petitioner's counsel, Mr. S.K. Mishra, representing Mr. Ranit Basu, informed the court that the matter had been amicably settled out of court. The petitioner had already e-filed a withdrawal memo and undertook to file a hard copy in the Registry. The respondent was represented by Mr. Sandeep S. Ladda. Based on these submissions, the court dismissed the application as withdrawn. The key fact is the amicable settlement leading to the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application should be dismissed as withdrawn given the amicable settlement between the …

**Ratio:** When parties to a legal proceeding reach an amicable settlement and the applicant seeks

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**Reasoning:** The court accepted the submission of the petitioner's counsel that the matter had been

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**Interpretation:** This legal principle allows for the termination of legal proceedings when the

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**Application:** In this case, the petitioner's counsel informed the court of the amicable

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** QVC International…
- **Respondents:** Balasore Alloys…

## Timeline

- **2023-04-25 — Hearing…**: Hearing held on April…
- **N/A — Settlement and…**: The matter was amicably settled out of…

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