# 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-02437. 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-02437
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/artzsource-technology-services-pvt-ltd-cpibc-01-kob-2023-a07c8f2c

## 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 (Annexure A1) dated 2023-03-07.

## Facts

The key facts are as follows: A Company Petition, CP(IBC)/01/KOB/2023, was filed. A settlement agreement, Annexure A1, was reached on 2023-03-07. An application was filed to dispose of the Company Petition based on this settlement. The learned counsel for the applicant appeared before the court. The court considered the submissions and allowed the application, disposing of the Company Petition as settled out of court. IA(IBC)/270/KOB/2023 was also considered.

## 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

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**Reasoning:** The court reasoned that a settlement agreement had been reached between the parties, and

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**Interpretation:** This interpretation allows for the efficient resolution of disputes through

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**Application:** In this case, the existence of the settlement agreement (Annexure A1) dated

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Respondents:** V-Con Integrated…

## Timeline

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

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