# In the matter of Snehal Ac and R Engg. Private Limited C.P.(IB)-3590(MB)-2019

> NCLT judgment dated 2021-05-11. Citation: TCN-2021-NCLT-02169. The matter pertains to C.P.(IB)-3590(MB)/2019 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 11 May 2021
- **Citation:** TCN-2021-NCLT-02169
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/snehal-ac-and-r-engg-private-limited-cpib-3590mb-2019-ab2ad625

## Summary

### Background

The matter pertains to C.P.(IB)-3590(MB)/2019 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The case was heard by the Mumbai Bench of the National Company Law Tribunal on May 11, 2021, through virtual hearing. The Operational Creditor's counsel, Ms. Pooja Deshmukh, appeared, but no one appeared for the Corporate Debtor.

## Facts

Caryaire Equipments India Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Snehal Ac and R Engg. Private Limited. The case was registered as C.P.(IB)-3590(MB)/2019. During the hearing on May 11, 2021, the counsel for the Operational Creditor, Ms. Pooja Deshmukh, appeared. However, no one appeared on behalf of the Corporate Debtor. The Operational Creditor's counsel filed a withdrawal pursis stating that the total outstanding amount of Rs. 6,33,179/- had been received as full and final settlement. This led to the disposal of the case as withdrawn.

## Issues and analysis

### Issue 1: Whether the withdrawal pursis filed by the Operational Creditor, stating that the full and final …

**Ratio:** The legal principle is that if the Operational Creditor receives the full and final

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**Reasoning:** The court reasoned that since the Operational Creditor has received the full outstanding

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**Interpretation:** This interprets that the IBC aims to resolve debt issues. Once the debt is

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**Application:** In this case, the Operational Creditor, Caryaire Equipments India Pvt. Ltd.,

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## Parties

- **Judges:** Harihar Prakash…; RavikumarDu…
- **Appellants:** Caryaire Equipment…
- **Respondents:** Snehal Ac and R…

## Timeline

- **2019-01-01 — Case Fil…**: C.P.(IB)-3590(MB)/2019…
- **2021-05-10 — Withdrawal Pur…**: Counsel filed a withdrawal pursis stating that the total outstanding amount of Rs.…

## 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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