# In the matter of Ajnara Realtech Ltd. (IB)396-ND-2019

> NCLT judgment dated 2019-06-06. Citation: TCN-2019-NCLT-03031. The case involves M/s V2 Lights as the applicant/petitioner and Ajnara Realtech Ltd as the…

- **Court:** NCLT
- **Order date:** 6 Jun 2019
- **Citation:** TCN-2019-NCLT-03031
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ajnara-realtech-ltd-ib396-nd-2019-2492b859

## Summary

### Background

The case involves M/s V2 Lights as the applicant/petitioner and Ajnara Realtech Ltd as the respondent. The matter pertains to an order under Section 9 of the Insolvency & Bankruptcy Code, 2016. The corporate debtor's counsel stated that the parties have amicably settled the matter and the payment as per the settlement has already been made.

## Facts

M/s V2 Lights filed a petition against Ajnara Realtech Ltd under Section 9 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, the Corporate Debtor, Ajnara Realtech Ltd, through its counsel Mr. Rajesh Gupta, informed the court that the parties had amicably settled the matter and that the payment as per the settlement had already been made. No one appeared on behalf of the petitioner, M/s V2 Lights. Based on the statement of the Corporate Debtor's counsel, the court considered the petition to be infructuous.

## Issues and analysis

### Issue 1: Whether the petition filed by M/s V2 Lights against Ajnara Realtech Ltd under Section 9 of the …

**Ratio:** When parties to a legal proceeding reach an amicable settlement and the terms of the

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**Reasoning:** The court reasoned that since the Corporate Debtor's counsel stated that the parties had

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**Interpretation:** The interpretation is that if a settlement is reached and fulfilled, the legal

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**Application:** In this case, the Corporate Debtor's counsel's statement about the settlement

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** M/s V2 L…
- **Respondents:** Ajnara Realtech…

## Timeline

- **2019-06-06 — Order Del…**: Order delivered on June 6,…

## 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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