# In the matter of Aerospace Processing India Private Limited C.P. (IB) No. 05-BB-2019

> NCLT judgment dated 2019-07-26. Citation: TCN-2019-NCLT-02244. The case pertains to a petition filed by Anant Pre-Fab, the Operational Creditor, under Section…

- **Court:** NCLT
- **Order date:** 26 Jul 2019
- **Citation:** TCN-2019-NCLT-02244
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aerospace-processing-india-private-limited-cp-ib-no-05-bb-2019-c1b4da74

## Summary

### Background

The case pertains to a petition filed by Anant Pre-Fab, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Aerospace Processing India Private Limited, the Corporate Debtor. The basis for the petition was the Corporate Debtor's alleged default of Rs. 13,90,188/- along with interest at 24% as on 31.03.2018.

## Facts

Anant Pre-Fab, an Operational Creditor, filed a petition under Section 9 of the IBC against Aerospace Processing India Private Limited, the Corporate Debtor, due to a default of Rs. 13,90,188/- plus interest. The case was listed for admission on several dates, suggesting ongoing discussions or attempts at resolution. The Operational Creditor and Corporate Debtor reached a settlement, with the Corporate Debtor paying Rs. 1,99,491 to the Operational Creditor. As a result of the settlement, the Operational Creditor filed a Memo for Withdrawal, confirming that the payment constituted a full and final settlement of all alleged dues. The relevance of the settlement is that it allowed the Corporate Debtor to avoid the CIRP process and resolved the dispute with the Operational

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## Issues and analysis

### Issue 1: Whether the Operational Creditor should be permitted to withdraw the Company Petition given the …

**Ratio:** The principle applied is that when parties to a dispute reach a settlement before the

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**Reasoning:** The Tribunal reasoned that since the parties had settled the issues between themselves

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**Interpretation:** This legal issue involves the interpretation of the IBC's provisions regarding

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**Application:** In this specific case, the ratio and reasoning were applied to the facts that

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Anant Pr…
- **Respondents:** Aerospace…

## Timeline

- **2018-03-31 — Date of D…**: The Corporate Debtor allegedly defaulted on a payment of Rs. 13,90,188/- with interest at…
- **2019-01-03 — Case Listed for…**: The case was initially…

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