# In the matter of Abhay Gordhanbhai Thummar Vs. Usmangani Habibbhai Kasmani and Anr. Company (AT) (Ins.) No. 285 of 2021

> NCLAT judgment dated 2021-04-15. Citation: TCN-2021-NCLAT-00286. The case involves an appeal against an order passed by the NCLT, Ahmedabad, regarding an…

- **Court:** NCLAT
- **Order date:** 15 Apr 2021
- **Citation:** TCN-2021-NCLAT-00286
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/abhay-gordhanbhai-thummar-vs-usmangani-habibbhai-kasmani-and-anr-company-af8fdaca

## Summary

### Background

The case involves an appeal against an order passed by the NCLT, Ahmedabad, regarding an application filed under Section 7 of the Insolvency & Bankruptcy Code, 1908 against Shreeya Peanuts Pvt. Ltd. The NCLT admitted the application and appointed an Interim Resolution Professional (IRP). The appellant challenged this order before the NCLAT.

## Facts

Respondent No. 1 (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 1908 against M/s Shreeya Peanuts Pvt. Ltd. (Corporate Debtor). The NCLT admitted the application on 24.03.2021 and appointed Mr. Sunil Kumar Agarwal as the Interim Resolution Professional (IRP). The Appellant filed an appeal against the NCLT order. During the appeal process, the dispute was resolved amicably, with the Appellant paying Rs. 2,41,00,000/- to Respondent No. 1 as a full and final settlement of unsecured loan/debts. Respondent No. 1 confirmed that they have no outstanding claims against the Corporate Debtor. The IRP and RP also confirmed receipt of their fees and costs. The key fact is the settlement between the parties, leading to the request

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## Issues and analysis

### Issue 1: Whether the NCLAT should set aside the order passed by the NCLT, Ahmedabad, given the settlement …

**Ratio:** The principle of amicable resolution of disputes in insolvency proceedings, especially

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**Reasoning:** The court reasoned that since the dispute was resolved amicably, with the appellant

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**Interpretation:** This interprets Section 12A of the IBC, which allows for withdrawal of

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Anant Bijay…; Shreesha…; +1 more
- **Appellants:** Abhay Gordhanbhai…
- **Respondents:** Shreeya Peanuts…; Usmangani…

## Timeline

- **2019-01-01 — CP (IB) No. 421/7/NCLT/A…**: Respondent No. 1 filed an application under Section 7 of the IBC against Shreeya Peanuts…
- **2021-03-24 — NCLT Ord…**: NCLT, Ahmedabad, admitted the application and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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