# In the matter of Alectrona Energy Pvt. Ltd. IBA-170-2020

> NCLT judgment dated 2021-07-26. Citation: TCN-2021-NCLT-01615. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC) 2016. The…

- **Court:** NCLT
- **Order date:** 26 Jul 2021
- **Citation:** TCN-2021-NCLT-01615
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alectrona-energy-pvt-ltd-iba-170-2020-40307692

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC) 2016. The petitioner and respondent were represented by their respective counsels via video conferencing. A settlement was reached between the parties, and a memo for withdrawal was filed in the Registry.

## Facts

Tragray International INC filed a petition (IBA/170/2020) against Aelctrona Energy Pvt Ltd under Section 9 of the IBC 2016. The petitioner, Tragray International INC, was represented by Ld. Counsel Mr. V.V.Sivakumar, and the respondent, Aelctrona Energy Pvt Ltd, was represented by Ld. Counsel Mr. Rigved. A full and final settlement was reached between the parties on 2021-04-17, and a memo for withdrawal was filed on 2021-04-19. The key fact is the settlement, which led to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the petition filed by Tragray International INC against Aelctrona Energy Pvt Ltd should be …

**Ratio:** When parties to a legal proceeding reach a full and final settlement, the court may

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**Reasoning:** The court reasoned that since the parties had arrived at a settlement and a memo for

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**Interpretation:** The interpretation is that the court recognizes and respects the autonomy of

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**Application:** In this case, the ratio and reasoning were applied to the specific facts where

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## Parties

- **Judges:** R. Sucha…; Anil Ku…
- **Appellants:** Tragray Internatio…
- **Respondents:** Aelctrona Energy…

## Timeline

- **2021-04-17 — Settlement…**: A full and final settlement was reached between Tragray International INC and Aelctrona…
- **2021-04-19 — Memo for Withdrawal…**: A memo for withdrawal 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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