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

> NCLT judgment dated 2022-09-15. Citation: TCN-2022-NCLT-01064. 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-01064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ireo-pvt-ltd-ib-475-nd-2021-ab51a55f

## 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 before the NCLT, the applicant's counsel, Mr. Rishi Sehgal, along with the authorized representative, Mr. Rishi Dubey, stated that the applicant wished to withdraw the matter because a settlement had been reached with the respondent, Ireo Pvt Ltd. A Board Resolution was placed on record showing Mr. Rishi Dubay as Assistant Commercial Manager and Authorised Representative. Based on this statement, the NCLT dismissed the application as withdrawn.

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### Issue 1: Whether the application filed under Section 9 of the IBC, 2016, can be dismissed as withdrawn based …

**Ratio:** An application can be dismissed as withdrawn if the applicant expresses their intention

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**Reasoning:** The court accepted the statement made by the authorized representative and counsel of the

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**Interpretation:** This reflects the principle that parties are free to settle their disputes and

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**Application:** In this case, the applicant, Fairair Engineers Pvt Ltd., through its authorized

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## Parties

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

## Timeline

- **2022-09-15 — Order Del…**: The order was delivered dismissing…

## 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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