# 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-01517. The case involves a petition filed by M/s. Airpro Engineers Pvt Ltd. (Operational Creditor)…

- **Court:** NCLT
- **Order date:** 16 Mar 2020
- **Citation:** TCN-2020-NCLT-01517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/psychrometric-solutions-systems-pvt-ltd-cp-ib-no-12-bb-2020-e72d52d1

## Summary

### Background

The case involves a petition filed by M/s. Airpro Engineers Pvt Ltd. (Operational Creditor) under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Psychrometric Solutions & Systems Pvt Ltd (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. (Operational Creditor) filed C.P.(IB) No.12/BB/2020 under Section 9 of the IBC, 2016, against M/s. Psychrometric Solutions & Systems Pvt Ltd (Corporate Debtor) for defaulting on a total amount of Rs. 10,84,514. The case was listed for admission on multiple dates and adjourned to facilitate settlement discussions. A Joint Memorandum of Compromise was executed by both parties on 05.03.2020, outlining a payment schedule for the settlement amount. The schedule included payments of Rs. 6,15,163.00 due on 15th March 2020 and Rs. 6,15,162.00 due on 10th April 2020, totaling Rs. 12,30,325.00. The Respondent Company committed to strictly adhere to the payment schedule. The Petitioner sought to withdraw the petition based on this compromise.

## Issues and analysis

### Issue 1: Whether the Tribunal should permit the Petitioner to withdraw the instant Company Petition given …

**Ratio:** The legal principle applied is that parties are free to compromise their disputes, and

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**Reasoning:** The Tribunal reasoned that since the parties had compromised the issue between themselves

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**Interpretation:** This reflects the interpretation that the IBC aims to facilitate resolution of

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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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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