# In the matter of A. Shankar vs. Bank of India & Anr.

> NCLAT judgment dated 2023-10-11. Citation: TCN-2023-NCLAT-00134. The case involves an appeal against an order dated 21.03.2022 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLAT-00134
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/a-shankar-vs-bank-of-india-anr-97179f8a

## Summary

### Background

The case involves an appeal against an order dated 21.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench – I, Chennai) in IBA/630/2020. The appellant and the 1st respondent/financial creditor have jointly filed a memo stating that the disputes between the appellant (representing the corporate debtor) and the 1st respondent have been resolved.

## Facts

Mr. A. Shankar, representing the Corporate Debtor, filed an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench – I, Chennai) in IBA/630/2020. The Bank of India & Anr. is the respondent/financial creditor. The appellant and the 1st respondent/financial creditor jointly filed a 'Joint Memo' before the NCLAT, stating that the disputes between them have been resolved. The 'Joint Memo' was dated 10.10.2023. The impugned order, which was passed by the Adjudicating Authority on 21.03.2022, is now set aside by the NCLAT. The Corporate Insolvency Resolution Process is terminated as a result of the resolution.

## Issues and analysis

### Issue 1: Whether the disputes between the Appellant (representing the Corporate Debtor) and the 1st …

**Ratio:** When parties to a dispute reach an amicable settlement, the court or tribunal can take

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**Reasoning:** The Tribunal noted that both the Appellant and the 1st Respondent had filed a Joint Memo

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**Interpretation:** The legal principle is that courts and tribunals encourage the resolution of

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**Application:** In this case, the Tribunal applied the principle by taking the Joint Memo on

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## Parties

- **Judges:** M. Venu…; Shreesha…; +1 more
- **Appellants:** A. Sha…
- **Respondents:** BANK OF INDIA &…

## Timeline

- **2022-03-21 — Impugned…**: The Adjudicating Authority (National Company Law Tribunal, Division Bench – I, Chennai)…
- **2023-10-10 — Joint Memo…**: The Appellant and the 1st Respondent/Financial Creditor filed a 'Joint Memo' before the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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