# In the matter of Psychrometric Solutions & Systems Pvt. Ltd. C.P. (IB) No. 12-BB-2020

> NCLT judgment dated 2020-03-16. Citation: TCN-2020-NCLT-01522. The case involves a petition filed by M/s. Airpro Engineers Pvt Ltd. under Section 9 of the…

- **Court:** NCLT
- **Order date:** 16 Mar 2020
- **Citation:** TCN-2020-NCLT-01522
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/psychrometric-solutions-systems-pvt-ltd-cp-ib-no-12-bb-2020-ab25cf37

## Summary

### Background

The case involves a petition filed by M/s. Airpro Engineers Pvt Ltd. under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Psychrometric Solutions & Systems Pvt Ltd, the Corporate Debtor, due to a default of Rs. 10,84,514. The case was listed for admission and adjourned several times at the request of the parties to explore settlement possibilities.

## Facts

M/s. Airpro Engineers Pvt Ltd. filed C.P.(IB) No.12/BB/2020 under Section 9 of the IBC, 2016, against M/s. Psychrometric Solutions & Systems Pvt Ltd. The petition sought to initiate CIRP due to a default of Rs. 10,84,514. The case was adjourned multiple times for settlement discussions. A Joint Memorandum of Compromise was executed on 05.03.2020, with a payment schedule outlined. The respondent committed to adhering to the payment schedule. A memo of withdrawal was filed by the petitioner. The settlement involved a payment schedule with installments due on 15th March 2020 and 10th April 2020, totaling Rs. 12,30,325. The Joint Memo stipulated that if the respondent defaulted on payments, the petition would be revived.

## Issues and analysis

### Issue 1: Whether the Tribunal should permit the withdrawal of the Company Petition given the Joint Memo of …

**Ratio:** A company petition can be withdrawn if the parties have compromised and settled the

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**Reasoning:** The Tribunal noted that the parties had compromised the issue through a Joint Memo of

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**Interpretation:** This reflects the principle that tribunals encourage settlements between

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**Application:** The Tribunal applied this principle by allowing the Petitioner to withdraw the

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## Parties

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

## Timeline

- **2020-01-10 — Case Listed for…**: The case was initially…
- **2020-01-27 — Case Adjo…**: The case was adjourned at…

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