# In the matter of Aryan Infraheight Pvt. Ltd. CP No.(IB) 267-ALD-2019

> NCLT judgment dated 2022-02-28. Citation: TCN-2022-NCLT-03944. The case involves a corporate insolvency resolution process under CP No.(IB)267/ALD/2019.…

- **Court:** NCLT
- **Order date:** 28 Feb 2022
- **Citation:** TCN-2022-NCLT-03944
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aryan-infraheight-pvt-ltd-cp-noib-267-ald-2019-c1123ff1

## Summary

### Background

The case involves a corporate insolvency resolution process under CP No.(IB)267/ALD/2019. Settlement talks between the parties culminated in a settlement agreement dated 2021-10-13.

## Facts

Wonder Mold Plast Pvt Ltd initiated a corporate insolvency resolution process against Aryan Infra Height Pvt Ltd under CP No.(IB)267/ALD/2019. Both parties engaged in settlement talks, which resulted in a settlement agreement dated 2021-10-13. The operational creditor's counsel informed the court that all payments under the settlement agreement had been made. Consequently, the operational creditor sought withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the insolvency petition should be dismissed as withdrawn given the fulfillment of the …

**Ratio:** When a settlement agreement is reached and fulfilled between the operational creditor and

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**Reasoning:** The court accepted the submission of the operational creditor's counsel that all payments

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**Interpretation:** This interpretation aligns with the objective of the IBC, which includes

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**Application:** In this case, the operational creditor confirmed that the corporate debtor had

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Respondents:** ARYAN INFRA…

## Timeline

- **2021-10-13 — Settlement Ag…**: Settlement agreement reached between Wonder Mold Plast Pvt Ltd and Aryan Infra Height Pvt…
- **2022-02-28 — Hearing…**: Hearing held where counsel reported…

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