# In the matter of Arjun Technologies India Ltd. CP-1399-IB-2018

> NCLT judgment dated 2019-04-10. Citation: TCN-2019-NCLT-03961. CP/1399/IB/2018 was filed before the National Company Law Tribunal (NCLT), Chennai Bench. The…

- **Court:** NCLT
- **Order date:** 10 Apr 2019
- **Citation:** TCN-2019-NCLT-03961
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/arjun-technologies-india-ltd-cp-1399-ib-2018-179d4396

## Summary

### Background

CP/1399/IB/2018 was filed before the National Company Law Tribunal (NCLT), Chennai Bench. The case involved VIGNESH METAL & INDUSTRIES as the petitioner and ARJUN TECHNOLOGIES INDIA LTD as the respondent. The case was related to insolvency proceedings under Section 9 Rule 6.

## Facts

VIGNESH METAL & INDUSTRIES initiated insolvency proceedings against ARJUN TECHNOLOGIES INDIA LTD by filing CP/1399/IB/2018 under Section 9 Rule 6. The parties subsequently reached a compromise, and a Joint Memo of Compromise was filed. Based on this, the NCLT Chennai Bench dismissed the case as withdrawn. Key facts include the initiation of insolvency proceedings, the subsequent compromise, and the dismissal of the case.

## Issues and analysis

### Issue 1: Whether the insolvency petition CP/1399/IB/2018 should be dismissed based on the Joint Memo of …

**Ratio:** A case can be dismissed as withdrawn if the parties involved reach a compromise and

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**Reasoning:** The NCLT considered the Joint Memo of Compromise filed by the parties as sufficient

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**Interpretation:** The legal interpretation is that when parties involved in an insolvency

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**Application:** In this specific case, the parties, VIGNESH METAL & INDUSTRIES and ARJUN

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** VIGNESH METAL AND…
- **Respondents:** Arjun Technologies…

## Timeline

- **2018-01-01 — Insolvency Petition…**: CP/1399/IB/2018 filed by VIGNESH METAL &…
- **2019-04-10 — Hearing…**: Hearing held on April…

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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/arjun-technologies-india-ltd-cp-1399-ib-2018-179d4396