# In the matter of Halcyon AIr Products Pvt. Ltd. C.P. (IB) No. 39-BB-2020

> NCLT judgment dated 2020-03-16. Citation: TCN-2020-NCLT-01518. The case pertains to C.P.(IB) No.39/BB/2020 filed by M/s. Airpro Engineers Pvt Ltd.…

- **Court:** NCLT
- **Order date:** 16 Mar 2020
- **Citation:** TCN-2020-NCLT-01518
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/halcyon-air-products-pvt-ltd-cp-ib-no-39-bb-2020-143c52c9

## Summary

### Background

The case pertains to C.P.(IB) No.39/BB/2020 filed by M/s. Airpro Engineers Pvt Ltd. (Operational Creditor) under Section 9 of the IBC, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Halcyon Air Products Pvt. Ltd (Corporate Debtor) for a default amount of Rs. 5,02,161/-. The case was listed for admission on multiple dates and adjourned at the request of the parties to explore settlement possibilities.

## Facts

M/s. Airpro Engineers Pvt Ltd. filed C.P.(IB) No.39/BB/2020 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Halcyon Air Products Pvt. Ltd for a default of Rs. 5,02,161/-. The matter was listed for admission on 27.01.2020, 17.02.2020, 06.03.2020, and 16.03.2020, and adjourned each time at the request of the parties. A Joint Memorandum of Compromise dated 05.03.2020 was executed between the parties, outlining a payment schedule for settling the outstanding amount. The schedule included payments of Rs. 2,84,838.00 on 15.03.2020 and Rs. 2,84,837.00 on 10.04.2020. The Respondent Company committed to strictly adhere to the payment schedule. The parties agreed that if the Respondent Company defaults on the

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## Issues and analysis

### Issue 1: Whether the petitioner should be permitted to withdraw the Company Petition based on the Joint …

**Ratio:** A company petition can be withdrawn if the parties have reached an amicable settlement,

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**Reasoning:** The court noted that the parties had decided to amicably settle the issue by virtue of a

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**Interpretation:** This interprets the court's power to allow withdrawal of a petition when an

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**Application:** The ratio was applied to the fact that the parties had executed a Joint Memo of

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s Airpro…
- **Respondents:** M/s. Halcyon Air…

## Timeline

- **2020-01-27 — Case Listed for…**: The case was initially…
- **2020-02-17 — Case Adjo…**: The case was adjourned at…

## 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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