# In the matter of Artzsource Technology Services Pvt. Ltd. CP(IB)C-01-KOB-2023]

> NCLT judgment dated 2023-07-19. Citation: TCN-2023-NCLT-02432. The case involves an application filed to dispose of Company Petition CP(IBC)/01/KOB/2023,…

- **Court:** NCLT
- **Order date:** 19 Jul 2023
- **Citation:** TCN-2023-NCLT-02432
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/artzsource-technology-services-pvt-ltd-cpibc-01-kob-2023-0c23e6d1

## Summary

### Background

The case involves an application filed to dispose of Company Petition CP(IBC)/01/KOB/2023, which was settled in terms of a settlement agreement dated 2023-03-07.

## Facts

The key facts are that V CON INTEGRATED SOLUTIONS PVT LTD filed a Company Petition CP(IBC)/01/KOB/2023 against ARTZSOURCE TECHNOLOGY SERVICES PVT LTD. An application was filed to dispose of the petition based on a settlement agreement dated 2023-03-07. The learned counsel for the applicant appeared, and the court disposed of the petition as settled out of court. IA(IBC)/270/KOB/2023 also contributed to the disposal of CP(IBC)/01/KOB/2023.

## Issues and analysis

### Issue 1: Whether the Company Petition CP(IBC)/01/KOB/2023 can be disposed of as settled out of court based …

**Ratio:** A company petition can be disposed of as settled out of court if the parties have reached

…

**Reasoning:** The court considered the submissions made by the learned counsel for the applicant and

…

**Interpretation:** This legal principle allows for the efficient resolution of disputes when

…

**Application:** In this case, the existence of the settlement agreement dated 2023-03-07,

…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** V-Con Integrated…
- **Respondents:** ARTZSOURCE…
- **Advocates:** BHARTIS…; Ashok B S…; +1 more

## Timeline

- **2023-03-07 — Settlement Ag…**: Settlement agreement between the parties…
- **2023-07-19 — Order Da…**: Order passed by the…

---

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/artzsource-technology-services-pvt-ltd-cpibc-01-kob-2023-0c23e6d1