# In the matter of Ashok Mehra Vs. Anil Anchalia, Interim Resolution Professional of Altantic Projects Ltd. & Anr. CA(AT)(Ins) No. 1300of 2019

> NCLAT judgment dated 2020-01-30. Citation: TCN-2020-NCLAT-00479. The case involves an appeal against a decision related to an insolvency proceeding. The…

- **Court:** NCLAT
- **Order date:** 30 Jan 2020
- **Citation:** TCN-2020-NCLAT-00479
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ashok-mehra-vs-anil-anchalia-interim-resolution-professional-of-altantic-project-26100448

## Summary

### Background

The case involves an appeal against a decision related to an insolvency proceeding. The appellant had submitted a written offer for a One Time Settlement (OTS), which was not accepted by the Financial Creditor. An interim direction was issued on December 9, 2019, requiring the Committee of Creditors to consider the terms of settlement, but this direction has been withdrawn.

## Facts

Ashok Mehra filed an appeal related to an insolvency proceeding. The appellant submitted a written offer for a One Time Settlement (OTS) to the Financial Creditor, but the offer was not accepted. An interim direction was issued on December 9, 2019, requiring the Committee of Creditors to consider the terms of settlement. The Financial Creditor was permitted to file a reply affidavit, and the Resolution Professional and the Appellant were allowed to file replies and rejoinders, respectively, within one week. The court withdrew the interim direction and scheduled the appeal for a hearing on February 17, 2020. The relevance of these facts is that they outline the sequence of events leading to the appeal and the court's subsequent actions regarding the settlement offer and

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## Issues and analysis

### Issue 1: Whether the One Time Settlement (OTS) offer submitted by the Appellant should be considered and …

**Ratio:** The acceptance of a settlement offer is at

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**Reasoning:** The court noted that the Financial Creditor did not find favour with the OTS offer

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**Interpretation:** This indicates that the Financial Creditor has the right to reject a settlement

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**Application:** In this case, the Financial Creditor rejected the OTS offer, so the Resolution

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## Parties

- **Judges:** Bansi Lal…; Venugop…; +1 more
- **Appellants:** Ashok M…
- **Respondents:** Atlantic Projects…; Anil Anc…
- **Advocates:** Arjun As…; Sreenita…; +1 more

## Timeline

- **2019-12-09 — Interim Directi…**: An interim direction was issued requiring the Committee of Creditors to take a call on…
- **2020-01-30 — OTS Offer Re…**: The Financial Creditor rejected the written offer for One Time Settlement (OTS) emanating…

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