# In the matter of Alchemist Infra Ventures Ltd & Anr. Vs Kiran Malhotra & Anr

> NCLAT judgment dated 2019-03-01. Citation: TCN-2019-NCLAT-00751. The Appellant, Alchemist Infra Ventures Ltd., a shareholder of Alchemist Township India Ltd.…

- **Court:** NCLAT
- **Order date:** 1 Mar 2019
- **Citation:** TCN-2019-NCLAT-00751
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/alchemist-infra-ventures-ltd-anr-vs-kiran-malhotra-anr-93b03a3b

## Summary

### Background

The Appellant, Alchemist Infra Ventures Ltd., a shareholder of Alchemist Township India Ltd. (Corporate Debtor), challenged the judgment dated January 25, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi. The Adjudicating Authority admitted an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) filed by Kiran Malhotra (Financial Creditor), passed an order of moratorium, and appointed an Interim Resolution Professional.

## Facts

Alchemist Infra Ventures Ltd., a shareholder of Alchemist Township India Ltd. (Corporate Debtor), filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal) which admitted an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) filed by Kiran Malhotra (Financial Creditor). The Adjudicating Authority had also passed an order of moratorium and appointed an Interim Resolution Professional. The parties reached a settlement before the Committee of Creditors was constituted. The Interim Resolution Professional, Mr. Pramod Goyal, confirmed that the Committee of Creditors had not been constituted and that he had received only one claim from Ms. Kiran Malhotra. The terms of settlement entered between the parties

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## Issues and analysis

### Issue 1: Whether the settlement reached between the parties prior to the constitution of the Committee of …

**Ratio:** The Supreme Court's decision in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India

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**Reasoning:** The court found that the parties had reached a settlement prior to the constitution of

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**Interpretation:** The interpretation of the 'Swiss Ribbons' case allows for the setting aside of

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**Application:** In this case, the court applied the ratio from 'Swiss Ribbons' to the facts,

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Alchemist Infra…
- **Respondents:** Alchemist…; Kiran Mal…

## Timeline

- **2019-01-25 — Judgment by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal) passed a judgment admitting an…
- **2019-02-27 — Terms of Set…**: Terms of Settlement entered…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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