# 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-01962. 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-01962
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/airen-polyopipes-pvt-ltd-cp-ib-no-177-9-nclt-ahm-2018-febcc4a8

## 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. The Petitioner sought to withdraw the IB petition.

## Facts

The Operational Creditor/Petitioner initiated an insolvency proceeding against Airen Polyopipes Pvt. Ltd. by filing an IB petition. The Petitioner and the Corporate Debtor reached a settlement where the Petitioner received Rs. 3,50,000/- as full and final settlement of the debt. Subsequently, the Petitioner filed a pursis to withdraw the IB petition based on the settlement. The court noted that the debt account had been closed and the matter was settled between the parties.

## Issues and analysis

### Issue 1: Whether the IB petition can be withdrawn based on the settlement between the Operational …

**Ratio:** A petition under the Insolvency and Bankruptcy Code can be withdrawn if the parties have

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

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**Interpretation:** The interpretation is that when a settlement is reached and the creditor

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**Application:** In this case, the Operational Creditor/Petitioner received Rs. 3,50,000/- as

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** VINAY…
- **Respondents:** Airen Polyopipes…

## Timeline

- **2019-08-13 — Order Da…**: The Ahmedabad Bench of the National Company Law Tribunal passed an order disposing 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-febcc4a8