# In the matter of Aditya Vidyut Appliances Ltd. CP (IB)-1529-I&BC-MB-2018

> NCLT judgment dated 2018-09-06. Citation: TCN-2018-NCLT-00815. The case involves a company petition filed by Kryfs Power Components Ltd. against Aditya Vidyut…

- **Court:** NCLT
- **Order date:** 6 Sept 2018
- **Citation:** TCN-2018-NCLT-00815
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aditya-vidyut-appliances-ltd-cp-ib-1529-ibc-mb-2018-8188cac2

## Summary

### Background

The case involves a company petition filed by Kryfs Power Components Ltd. against Aditya Vidyut Appliances Ltd. for a total claim of Rs. 10,70,21,865/- with further interest, related to non-payment of dues for the sale and supply of goods. The parties entered into consent terms to settle the matter amicably.

## Facts

Kryfs Power Components Ltd. filed a company petition against Aditya Vidyut Appliances Ltd. seeking to recover Rs. 10,70,21,865/- with interest for unpaid dues related to the sale and supply of goods. The parties entered into consent terms on September 1, 2018, agreeing that Aditya Vidyut Appliances Ltd. would pay Rs. 12,02,01,898/- as a settlement amount, inclusive of interest and GST, according to a specified payment schedule. The corporate debtor unconditionally admitted the claim. The operational creditor agreed to withdraw the petition based on these consent terms, with the liberty to reapply if the corporate debtor defaulted. The parties agreed to settle all disputes amicably out of court. The initial payment of Rs. 25,00,000 was received. The petition was

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## Issues and analysis

### Issue 1: Whether the company petition should be dismissed as withdrawn based on the consent terms and …

**Ratio:** A company petition can be dismissed as withdrawn when both parties agree to settle the

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**Reasoning:** The court considered the withdrawal memo and consent terms filed by Kryfs Power

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**Interpretation:** This interpretation allows for the dismissal of a company petition when the

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**Application:** In this case, Kryfs Power Components Ltd. filed a withdrawal memo and consent

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## Parties

- **Judges:** B.S.V. Prakash…; Ravikumar…; +1 more
- **Appellants:** KRYFS Power…
- **Respondents:** Aditya Vidyut…

## Timeline

- **2018-09-01 — Consent Terms…**: Parties agreed on consent terms where Aditya Vidyut Appliances Ltd. would pay Rs.…
- **2018-09-06 — Withdrawal Me…**: Kryfs Power Components Ltd. filed a…

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