# In the matter of Vivid Electromech Pvt. Ltd. CP(IB)-1433(MB)-2019

> NCLT judgment dated 2019-08-01. Citation: TCN-2019-NCLT-02158. The case pertains to a petition filed under the Insolvency and Bankruptcy Code, 2016. The…

- **Court:** NCLT
- **Order date:** 1 Aug 2019
- **Citation:** TCN-2019-NCLT-02158
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vivid-electromech-pvt-ltd-cpib-1433mb-2019-5a1c3894

## Summary

### Background

The case pertains to a petition filed under the Insolvency and Bankruptcy Code, 2016. The petitioner's counsel appeared and submitted that a full and final settlement of dues had been received from the Corporate Debtor. A withdrawal memo was filed and taken on record.

## Facts

The petitioner filed a petition under the Insolvency and Bankruptcy Code. The petitioner's counsel appeared before the NCLT Mumbai bench and stated that the Corporate Debtor had made a full and final settlement of the outstanding dues. Consequently, the petitioner filed a withdrawal memo, which the court took on record. Due to the settlement and the withdrawal request, the court dismissed the petition. The key fact is the full and final settlement of dues, which led to the petitioner withdrawing the insolvency petition.

## Issues and analysis

### Issue 1: Whether the petition under the Insolvency and Bankruptcy Code should be dismissed given the full …

**Ratio:** When a full and final settlement of dues occurs between the petitioner and the corporate

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**Reasoning:** The court reasoned that since the petitioner had received full and final settlement from

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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**Application:** In this specific case, the petitioner's counsel submitted that a full and final

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** APS Power Systems…
- **Respondents:** Vivid Electromech…

## Timeline

- **2019-08-01 — Hearing…**: Hearing of the Mumbai Bench of the…
- **2019-08-01 — Settlement and…**: Petitioner's counsel submits full and final settlement received from Corporate Debtor and…

## 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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