# In the matter of Fatehpuria Transformers and Switchgears Pvt. Ltd.

> NCLT judgment dated 2024-07-29. Citation: TCN-2024-NCLT-00938. The case involves Airen Copper Pvt. Ltd. as the Operational Creditor/Applicant and Fatehpuria…

- **Court:** NCLT
- **Order date:** 29 Jul 2024
- **Citation:** TCN-2024-NCLT-00938
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fatehpuria-transformers-and-switchgears-pvt-ltd-06fc6a8f

## Summary

### Background

The case involves Airen Copper Pvt. Ltd. as the Operational Creditor/Applicant and Fatehpuria Transformers and Switchgears Pvt. Ltd. as the Corporate Debtor/Respondent. The Corporate Debtor moved an application stating that the parties have amicably settled their dispute by executing a settlement deed dated 2024-07-11. The applicant requested to withdraw the petition.

## Facts

Airen Copper Pvt. Ltd. initiated proceedings against Fatehpuria Transformers and Switchgears Pvt. Ltd. under Section 9 of the IBC, 2016. The Corporate Debtor, Fatehpuria Transformers and Switchgears Pvt. Ltd., filed an application stating that both parties had amicably settled their dispute by executing a settlement deed dated 2024-07-11. Airen Copper Pvt. Ltd. then requested the court to allow the withdrawal of the petition in light of the settlement. The settlement agreement was attached with the application.

## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor can be dismissed as withdrawn based on the …

**Ratio:** A petition can be dismissed as withdrawn if the parties have reached a settlement and the

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**Reasoning:** The court considered the submission of the applicant that the parties had reached an

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**Interpretation:** The legal principle is that parties are free to settle their disputes, and if a

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**Application:** In this case, the parties reached a settlement, and the applicant requested to

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Airen Copper Pvt.…
- **Respondents:** Fatehpuria…
- **Advocates:** Ajay At…; Aditya M…

## Timeline

- **2024-07-11 — Settlement Deed…**: Parties amicably settled their…
- **2024-07-29 — Order Is…**: CP No. (IB)- 21/9/JPR/2021 dismissed as withdrawn. All pending IAs disposed of…

## 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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