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

> NCLT judgment dated 2024-07-29. Citation: TCN-2024-NCLT-00932. The case involves Airen Metals Pvt. Ltd. as the Operational Creditor/Applicant and Fatehpuria…

- **Court:** NCLT
- **Order date:** 29 Jul 2024
- **Citation:** TCN-2024-NCLT-00932
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fatehpuria-transformers-and-switchgears-pvt-ltd-bfe4a1bc

## Summary

### Background

The case involves Airen Metals Pvt. Ltd. as the Operational Creditor/Applicant and Fatehpuria Transformers and Switchgears Pvt. Ltd. as the Corporate Debtor/Respondent. The Corporate Debtor filed an application stating that the parties have amicably settled their dispute by executing a settlement deed dated 2024-07-11. The applicant requests that the captioned matter be disposed of, and a settlement agreement has been attached to the application.

## Facts

Airen Metals Pvt. Ltd. initiated a corporate insolvency resolution process 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 have amicably settled their dispute by executing a settlement deed dated 2024-07-11. The applicant requested the court to dispose of the matter. The Petitioner, Airen Metals Pvt. Ltd., through its representative, Mr. Ajay Atolia, CA, submitted that the petition may be allowed to be withdrawn based on the understanding reached between the parties. The settlement agreement was attached to the application.

## Issues and analysis

### Issue 1: Whether the petition CP No. (IB)- 20/9/JPR/2021 can be dismissed as withdrawn based on the …

**Ratio:** When parties to a dispute amicably settle their differences, the court may allow the

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**Reasoning:** The Corporate Debtor filed an application stating that the parties have amicably settled

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**Interpretation:** The legal principle allows for the withdrawal of a petition when the parties

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**Application:** In this case, the parties have settled their dispute, and the Petitioner has

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Airen Metals Pvt.…
- **Respondents:** Fatehpuria…

## Timeline

- **2023-01-01 — Ivn. P (IBC) No.…**: Filing of Ivn. P (IBC)…
- **2024-01-01 — IA No. 386/J…**: Filing of IA No.…

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