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

> NCLT judgment dated 2022-02-04. Citation: TCN-2022-NCLT-04262. The case involves M/s. Navyug Iron Traders (Petitioner) against M/s. Air Movement and Control…

- **Court:** NCLT
- **Order date:** 4 Feb 2022
- **Citation:** TCN-2022-NCLT-04262
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/air-movement-control-system-pvt-ltd-ib-504-nd-2020-692d4db7

## Summary

### Background

The case involves M/s. Navyug Iron Traders (Petitioner) against M/s. Air Movement and Control System Pvt. Ltd. (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. The Petitioner subsequently filed IA/507/2022 stating that the matter had been settled and the entire amount had been paid by the Corporate Debtor. The Petitioner's counsel requested to withdraw the present petition due to the settlement. The court then dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether IA/507/2022 should be allowed and the main petition dismissed as withdrawn, given the …

**Ratio:** When a matter is settled between parties and the corporate debtor has made full payment,

…

**Reasoning:** The court accepted the submission of the petitioner's counsel that the matter had been

…

**Interpretation:** This reflects the principle that parties are free to settle their disputes and

…

**Application:** In this case, the settlement and full payment by the Corporate Debtor justified

…

## 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 — IA/507/2022…**: IA/507/2022 filed by the Petitioner stating settlement and full payment by Corporate…

---

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-2020-692d4db7