# In the matter of Air Movement & Control System Pvt.  Ltd. IB-504-ND-2020

> NCLT judgment dated 2022-02-04. Citation: TCN-2022-NCLT-04247. The case involves M/s. Navyug Iron Traders as the petitioner and M/s. Air Movement and Control…

- **Court:** NCLT
- **Order date:** 4 Feb 2022
- **Citation:** TCN-2022-NCLT-04247
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/air-movement-control-system-pvt-ltd-ib-504-nd-2020-54bb024f

## Summary

### Background

The case involves M/s. Navyug Iron Traders as the petitioner and M/s. Air Movement and Control System Pvt. Ltd. as the respondent. The petitioner filed IA/507/2022 stating that the matter has been settled and the entire amount has been paid by the Corporate Debtor.

## Facts

M/s. Navyug Iron Traders filed a petition against M/s. Air Movement and Control System Pvt. Ltd. under Section 9 of the IBC. During the proceedings, the petitioner filed IA/507/2022 stating that the matter had been settled and the entire amount had been paid by the Corporate Debtor. Consequently, the petitioner sought to withdraw the petition. The court allowed the withdrawal and dismissed the petition.

## Issues and analysis

### Issue 1: Whether IA/507/2022 should be allowed, permitting …

**Ratio:** A petitioner is generally allowed to withdraw a petition if the underlying dispute has

…

**Reasoning:** The court reasoned that the petitioner stated the matter has been settled and the entire

…

**Interpretation:** The interpretation is that if a settlement is reached between the parties, and

…

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

…

## Parties

- **Judges:** DHARMINDER…; RAHUL BHA…
- **Appellants:** M/s. Navyug Iron…
- **Respondents:** M/s. Air Movement…

## Timeline

- **2022-02-04 — Order Del…**: Order delivered on…
- **N/A — Filing of IA/…**: IA/507/2022 filed by the Petitioner stating…

## 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/air-movement-control-system-pvt-ltd-ib-504-nd-2020-54bb024f