# In the matter of Airen Polyopipes Pvt. Ltd. C.P. (IB) No. 177-9-NCLT-AHM-2018

> NCLT judgment dated 2019-08-13. Citation: TCN-2019-NCLT-01965. The case pertains to CP(IB) No. 177/9/NCLT/AHM/2018 before the Ahmedabad Bench of the National…

- **Court:** NCLT
- **Order date:** 13 Aug 2019
- **Citation:** TCN-2019-NCLT-01965
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/airen-polyopipes-pvt-ltd-cp-ib-no-177-9-nclt-ahm-2018-22f8c582

## Summary

### Background

The case pertains to CP(IB) No. 177/9/NCLT/AHM/2018 before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The Operational Creditor/Petitioner filed an IB petition under Section 9 of the Insolvency and Bankruptcy Code against Neo Corp International Ltd. The petitioner sought to withdraw the IB petition.

## Facts

The Operational Creditor/Petitioner, represented by Learned PCS, initiated an IB petition against Neo Corp International Ltd. The petitioner then filed a pursis requesting withdrawal of the IB petition, citing an out-of-court settlement. The Operational Creditor/Petitioner received Rs. 3,50,000/- as full and final settlement of the debt. The court noted the settlement and the petitioner's request for withdrawal.

## Issues and analysis

### Issue 1: Whether the IB petition should be allowed to be …

**Ratio:** When parties reach a full and final settlement, the court may allow the withdrawal of the

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**Reasoning:** The court reasoned that since the Operational Creditor/Petitioner received the full and

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**Interpretation:** This reflects the principle that courts generally respect and enforce

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Respondents:** Neo Corp Internati…; Airen Polyopipes…

## Timeline

- **2018-01-01 — Filing of CP(IB)…**: CP(IB) No. 177/9/NCLT/AH…
- **2019-08-13 — Hearing and…**: The Ahmedabad Bench of the National Company Law Tribunal heard the matter and disposed of…

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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/airen-polyopipes-pvt-ltd-cp-ib-no-177-9-nclt-ahm-2018-22f8c582