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

> NCLT judgment dated 2019-06-06. Citation: TCN-2019-NCLT-03034. 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-03034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ajnara-realtech-ltd-ib396-nd-2019-c472443b

## 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, Mr. Rajesh Gupta, the learned counsel for the Corporate Debtor, stated 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. Based on these facts, the court dismissed the petition as having been rendered infructuous.

## Issues and analysis

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

**Ratio:** A petition can be dismissed as infructuous if the underlying dispute has been resolved

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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 when parties involved in an insolvency petition

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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 06.06.2019 regarding the petition filed under Section 9 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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