# In the matter of Arcotech Ltd. CP(IB) No. 504-Chd-Hry-2019

> NCLT judgment dated 2022-07-05. Citation: TCN-2022-NCLT-01885. The case involves a petition filed under Section 9 of the IBC 2016. A Memorandum of Settlement…

- **Court:** NCLT
- **Order date:** 5 Jul 2022
- **Citation:** TCN-2022-NCLT-01885
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/arcotech-ltd-cpib-no-504-chd-hry-2019-64dfdfd7

## Summary

### Background

The case involves a petition filed under Section 9 of the IBC 2016. A Memorandum of Settlement (MOU) dated 01.06.2022 was filed, and Diary No. 1125/01 dated 07.06.2022 was taken on record.

## Facts

Mr. Akshaya Kumar Biswal, the Petitioner/Operational Creditor, filed a petition against Arcotech Ltd., the Respondent/Corporate Debtor. A Memorandum of Settlement (MOU) dated 01.06.2022 was filed and taken on record (Diary No. 1125/01 dated 07.06.2022). The petitioner's counsel stated that the entire amount as per the MOU had been received, and the petitioner wished to withdraw the petition. The court then dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the present petition should be dismissed as withdrawn, given the statement by the …

**Ratio:** A petition can be dismissed as withdrawn when the petitioner, through their counsel,

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**Reasoning:** The court accepted the statement made by the learned counsel for the petitioner that the

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

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**Application:** In this case, the petitioner's counsel's statement about the settlement and the

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Akshaya Kumar…
- **Respondents:** Arcotech…

## Timeline

- **2022-06-01 — Memorandum of S…**: Memorandum of Settlement…
- **2022-06-07 — Diary En…**: Diary No. 1125/01 dated…

## 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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