# In the matter of AiFSO Technologies Pvt. Ltd. C.P. (IB)-3007(MB)-2019

> NCLT judgment dated 2020-02-20. Citation: TCN-2020-NCLT-01877. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Feb 2020
- **Citation:** TCN-2020-NCLT-01877
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aifso-technologies-pvt-ltd-cp-ib-3007mb-2019-773ee756

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The parties involved are Laxmiraj Distributors Pvt Ltd and AIFSO Technologies Pvt Ltd. The matter was listed before the Mumbai Bench of the National Company Law Tribunal.

## Facts

Laxmiraj Distributors Pvt Ltd initiated a petition against AIFSO Technologies Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. Both parties appeared before the National Company Law Tribunal (NCLT), Mumbai Bench. They submitted that they had reached an amicable settlement and filed consent terms. The NCLT took the consent terms on record. Subsequently, the petitioner requested the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition can be disposed of as withdrawn if the parties have reached an amicable

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**Reasoning:** The court reasoned that since both parties had amicably settled the matter and filed

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**Interpretation:** This interpretation suggests that the court prioritizes and facilitates

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**Application:** In this specific case, the court applied the principle by allowing the

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## Parties

- **Judges:** Bhaskara Pantula…; Shyam Babu…
- **Appellants:** Laxmiraj Distribut…
- **Respondents:** AIFSO Technologies…

## Timeline

- **2020-02-20 — Hearing…**: Hearing of the Mumbai Bench of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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