# In the matter of AGS Transact Technologies Limited

> NCLT judgment dated 2023-01-02. Citation: TCN-2023-NCLT-05238. The case involves a Company Petition filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Jan 2023
- **Citation:** TCN-2023-NCLT-05238
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ags-transact-technologies-limited-f9ff03bc

## Summary

### Background

The case involves a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor sought to initiate insolvency proceedings against the Corporate Debtor, AGS Transact Technologies Limited. The counsels for both the Operational Creditor and the Respondent were present through virtual hearing.

## Facts

The Operational Creditor, Transline Technologies Private Limited, filed a Company Petition against the Corporate Debtor, AGS Transact Technologies Limited, under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the hearing, the counsel for the Operational Creditor, Mr. Amit Kumar Singh, sought oral permission to withdraw the petition. The reason for the withdrawal was that the matter had been settled between the parties. The court granted the permission, and the Company Petition was disposed of as withdrawn. This indicates that the underlying dispute leading to the insolvency petition was resolved outside of the formal insolvency process.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can be granted permission to withdraw the Company Petition based …

**Ratio:** A Company Petition can be withdrawn if the parties have reached a settlement, and the

…

**Reasoning:** The court reasoned that since the parties had settled the matter, allowing the withdrawal

…

**Interpretation:** This implies that the court recognizes the validity of settlements reached

…

**Application:** In this case, the Operational Creditor's counsel requested to withdraw the

…

## Parties

- **Judges:** SH. H. V. SUBBA…; Madhu S…
- **Appellants:** TRANSLINE…
- **Respondents:** AGS Transact…

## Timeline

- **2023-01-02 — Hearing…**: Hearing of the Mumbai Bench of the…
- **N/A — Withdrawal…**: Mr. Amit Kumar Singh, counsel for the Operational Creditor, sought oral permission to…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ags-transact-technologies-limited-f9ff03bc