# In the matter of Aliasgar Chadarwala Vs. Asona India Pvt. Ltd. & Anr. Company Appeal (AT) (Insolvency) No. 120-2019

> NCLAT judgment dated 2019-04-11. Citation: TCN-2019-NCLAT-00679. The appeal was filed by Aliasgar Chadarwala, Director of AHZ Interior Pvt. Ltd., against an…

- **Court:** NCLAT
- **Order date:** 11 Apr 2019
- **Citation:** TCN-2019-NCLAT-00679
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/aliasgar-chadarwala-vs-asona-india-pvt-ltd-anr-company-appeal-a33b73a1

## Summary

### Background

The appeal was filed by Aliasgar Chadarwala, Director of AHZ Interior Pvt. Ltd., against an order dated December 10, 2018, by the Adjudicating Authority (National Company Law Tribunal), Mumbai bench, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) preferred by Asona India Pvt. Ltd. (Operational Creditor). The Appellant submitted that there was only one creditor, Asona India Pvt. Ltd., and that the Appellant had settled the matter with the Operational Creditor on February 28, 2018, and paid the amount.

## Facts

Aliasgar Chadarwala, Director of AHZ Interior Pvt. Ltd., filed an appeal against the order of the Adjudicating Authority (NCLT, Mumbai) which admitted an application under Section 9 of the IBC filed by Asona India Pvt. Ltd. (Operational Creditor). The Appellant contended that the matter had been settled with the Operational Creditor on February 28, 2018, and the amount was paid. The Operational Creditor agreed to withdraw the petition after receiving the settlement amount. The Resolution Professional received only one claim from the Operational Creditor. The parties had settled the claim, and a sum of Rs.3,50,000/- was paid to the Resolution Professional towards fees and resolution costs. The Operational Creditor intended to withdraw the application under Section 9.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order admitting the application under Section 9 of the IBC …

**Ratio:** When parties have settled their disputes and the Operational Creditor intends to withdraw

…

**Reasoning:** The court considered the fact that the parties had settled the claim, the Resolution

…

**Interpretation:** The court interpreted the circumstances of the settlement and the Operational

…

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

…

## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Aliasgar Chadarwal…
- **Respondents:** AHZ Interior Pvt.…; Asona India Pvt.…
- **Advocates:** Debmalya Ba…; Kartik Bha…; +1 more

## Timeline

- **2018-12-10 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Mumbai bench, admitted an…
- **2018-02-28 — Settlement between Appellant and Operational…**: Aliasgar Chadarwala settled the matter with…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/aliasgar-chadarwala-vs-asona-india-pvt-ltd-anr-company-appeal-a33b73a1