# In the matter of Ireo Pvt.  Ltd. IB-475-ND-2021

> NCLT judgment dated 2022-09-15. Citation: TCN-2022-NCLT-01057. The case involves Fairair Engineers Pvt Ltd. as the applicant and Ireo Pvt Ltd. as the…

- **Court:** NCLT
- **Order date:** 15 Sept 2022
- **Citation:** TCN-2022-NCLT-01057
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ireo-pvt-ltd-ib-475-nd-2021-5dfe314b

## Summary

### Background

The case involves Fairair Engineers Pvt Ltd. as the applicant and Ireo Pvt Ltd. as the respondent. The application was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant sought to initiate corporate insolvency resolution process against the respondent.

## Facts

Fairair Engineers Pvt Ltd. filed an application against Ireo Pvt Ltd. under Section 9 of the IBC, 2016. During the proceedings, the Authorized Representative of the applicant, Mr. Rishi Dubey, along with the Ld. Counsel, stated that a settlement had been reached between the parties and they wished to withdraw the matter. A Board Resolution was placed on record. The court considered this statement as the basis for its decision.

## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the IBC, 2016, can be dismissed as withdrawn based …

**Ratio:** An application can be dismissed as withdrawn if the applicant expresses their intention

…

**Reasoning:** The court accepted the statement made by the Authorized Representative and the Ld.

…

**Interpretation:** The court interpreted the applicant's request for withdrawal as a sign that the

…

**Application:** Based on the statement made by the Authorized Representative and the Ld.

…

## Parties

- **Judges:** DHARMINDER…; BINOD KUMAR…
- **Appellants:** Fairair Engineers…
- **Respondents:** IREO PVT.…

## Timeline

- **2022-09-15 — Order Del…**: The order was delivered dismissing the application as withdrawn due to a settlement…

## 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)

---

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/ireo-pvt-ltd-ib-475-nd-2021-5dfe314b