# In the matter of Aeries Technology Products and Strategies Private Limited

> NCLT judgment dated 2022-07-21. Citation: TCN-2022-NCLT-01626. The case involves Prime Assetsource Private Limited versus Aeries Technology Products and…

- **Court:** NCLT
- **Order date:** 21 Jul 2022
- **Citation:** TCN-2022-NCLT-01626
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aeries-technology-products-and-strategies-private-limited-650dbfa5

## Summary

### Background

The case involves Prime Assetsource Private Limited versus Aeries Technology Products and Strategies Private Limited. The hearing was held on July 21, 2022. An IA has been filed for withdrawal of the Company Petition, but it is pending in the Registry.

## Facts

Prime Assetsource Private Limited initiated a case against Aeries Technology Products and Strategies Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the hearing on July 21, 2022, both parties informed the court that they had reached an amicable settlement. The Operational Creditor's counsel stated that an Interlocutory Application (IA) had been filed for the withdrawal of the Company Petition, although it was still pending in the Registry. Both parties confirmed that consent terms had been executed, and the Operational Creditor sought to withdraw the present Company Petition. Consequently, the court dismissed the Company Petition.

## Issues and analysis

### Issue 1: Whether the Company Petition should be dismissed in light of the amicable settlement between the …

**Ratio:** When parties to a legal dispute reach an amicable settlement and consent to the

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**Reasoning:** The court considered the submission of both parties that the matter had been amicably

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**Interpretation:** This reflects the principle that courts generally respect and enforce

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**Application:** Given the settlement and the Operational Creditor's request, the court applied

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** Prime Assetsource…
- **Respondents:** Aeries Technology…

## Timeline

- **2022-07-21 — Hearing…**: Hearing held on July 21, 2022, where both parties submitted that the matter had been…

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