# In the matter of Anita Goyal Suspended Director Of CD Vs Broadwing Logistics Limited

> NCLAT judgment dated 2024-05-06. Citation: TCN-2024-NCLAT-00457. This appeal was filed against an order dated March 12, 2024, by which the Adjudicating…

- **Court:** NCLAT
- **Order date:** 6 May 2024
- **Citation:** TCN-2024-NCLAT-00457
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anita-goyal-suspended-director-of-cd-vs-broadwing-logistics-limited-083ca903

## Summary

### Background

This appeal was filed against an order dated March 12, 2024, by which the Adjudicating Authority admitted a Section 9 application filed by the Operational Creditor. An interim order was subsequently passed on March 27, 2024, to stay further steps in the Corporate Insolvency Resolution Process (CIRP).

## Facts

An appeal was filed against an order dated March 12, 2024 , where the Adjudicating Authority admitted a Section 9 application by the Operational Creditor. Subsequently, an interim order was issued on March 27, 2024, directing that no further steps be taken in pursuance of the impugned order. The interim order also stipulated that the Interim Resolution Professional (IRP) should maintain the Corporate Debtor as a running concern with the assistance of the ex-management and its officers and employees. An Interlocutory Application, I.A. No. 3251 of 2024, was filed to bring on record a settlement reached between the parties on May 3, 2024. The counsel for the Operational Creditor confirmed the settlement and requested that the Corporate Insolvency Resolution Process (CIRP)

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should be continued despite a settlement …

**Ratio:** When parties to a CIRP reach a settlement and the operational creditor confirms the

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**Reasoning:** The NCLAT considered the settlement agreement filed by the parties and the confirmation

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**Interpretation:** The NCLAT interpreted the settlement as a valid ground to terminate the

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**Application:** Based on the settlement dated May 3, 2024, and the appellant's agreement to pay

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Anita G…; Suspended…
- **Respondents:** New Horizons…; Broadwings…; +1 more
- **Advocates:** Raghav K…; Dinkar…; +5 more

## Timeline

- **March 12, 2024 — CIRP Admissio…**: Adjudicating Authority admitted the Section 9 application filed by the Operational…
- **March 27, 2024 — Interim Order…**: An interim order was passed, staying further steps in the CIRP and directing the IRP to…

## 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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