# In the matter of Ajay Knitwears and Fabrics Private Limited Civil Appeal No (s). 9553-2018

> SC judgment dated 2018-04-23. Citation: TCN-2018-SC-00062. This case involves a petition for Special Leave to Appeal against a final judgment and order dated…

- **Court:** SC
- **Order date:** 23 Apr 2018
- **Citation:** TCN-2018-SC-00062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/ajay-knitwears-and-fabrics-private-limited-civil-appeal-no-s-9553-2018-13931f14

## Summary

### Background

This case involves a petition for Special Leave to Appeal against a final judgment and order dated 16-03-2018 in CPIB No. 126/2017 passed by the National Company Law Tribunal, Chandigarh Bench, Chandigarh. The petition was called for hearing on 23-04-2018.

## Facts

Ajay Knitwears and Fabrics Private Limited filed a petition for Special Leave to Appeal against an order passed by the National Company Law Tribunal, Chandigarh Bench in CPIB No. 126/2017. Mahavir Traders is the respondent. The Supreme Court heard the petition and noted that the National Company Law Appellate Tribunal's order was correct. However, the Court decided to exercise its power under Article 142 of the Constitution to accept the settlement that had been entered into between the parties. As a result, the pending proceeding before the National Company Law Tribunal was disposed of.

## Issues and analysis

### Issue 1: Whether the Supreme Court should exercise its power under Article 142 of the Constitution to accept …

**Ratio:** The Supreme Court has the power under Article 142 of the Constitution to pass orders

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**Reasoning:** The Court found the order passed by the National Company Law Appellate Tribunal to be

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**Interpretation:** Article 142 of the Constitution empowers the Supreme Court to pass orders to

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**Application:** The Court applied Article 142 to accept the settlement between Ajay Knitwears

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## Parties

- **Judges:** ADARSH KUMA…; NAVIN S…
- **Appellants:** AJAY KNITWEARS…
- **Respondents:** Mahavir T…

## Timeline

- **2018-03-16 — Impugned Ord…**: Date of the final judgment and order passed by the National Company Law Tribunal,…
- **2018-04-23 — Hearing…**: The petition was called on for…

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