# In the matter of Anand Rai Vs. Walsons Services Pvt. Ltd. & Anr CA(AT)(Insolvency) No. 55-2019

> NCLAT judgment dated 2019-02-28. Citation: TCN-2019-NCLAT-00752. The appeal was filed by Anand Rai, a shareholder of M/s Quickdel Logistics Pvt. Ltd,…

- **Court:** NCLAT
- **Order date:** 28 Feb 2019
- **Citation:** TCN-2019-NCLAT-00752
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anand-rai-vs-walsons-services-pvt-ltd-anr-ca-1150d87c

## Summary

### Background

The appeal was filed by Anand Rai, a shareholder of M/s Quickdel Logistics Pvt. Ltd, challenging an order dated January 7, 2019, by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh. The Adjudicating Authority had admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Walsons Services Private Limited, an operational creditor. The order also imposed a moratorium.

## Facts

Anand Rai, a shareholder of Quickdel Logistics Pvt. Ltd, filed an appeal against the order of the Adjudicating Authority (NCLT), Chandigarh, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Walsons Services Private Limited (Operational Creditor). The Adjudicating Authority's order, dated January 7, 2019, initiated a moratorium. The parties reached a settlement on January 18, 2019, before the Committee of Creditors was constituted. Cheques were issued by HDFC Bank to the Operational Creditor, and the receipt showing payment of Rs. 18,12,643/- was enclosed. The Resolution Professional acknowledged that the Committee of Creditors was not constituted until January 28, 2019. The court noted that the parties had reached a

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## Issues and analysis

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

**Ratio:** The legal principle applied is that when parties reach a settlement before the

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**Reasoning:** The court reasoned that since the parties had reached a settlement before the Committee

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**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code, 2016, allows for

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**Application:** In this case, the parties reached a settlement on January 18, 2019, before the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Anand…
- **Respondents:** Quickdel Logistics…; Walsons Services…

## Timeline

- **2019-01-07 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh,…
- **2019-01-18 — Settlement…**: The parties reached a settlement prior to the constitution of the Committee of Creditors.…

## 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)

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