# In the matter of Ashwinin Kumar Pandey Vs. Piyush Moona, IRP, R. S. Seven Lifestyle Pvt. Ltd. & Anr. Company Appeal (AT) (Ins.) No. 300 of 2021

> NCLAT judgment dated 2021-07-26. Citation: TCN-2021-NCLAT-00166. This is a Company Appeal (AT) (Ins.) No. 300 of 2021 before the National Company Law…

- **Court:** NCLAT
- **Order date:** 26 Jul 2021
- **Citation:** TCN-2021-NCLAT-00166
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ashwinin-kumar-pandey-vs-piyush-moona-irp-r-s-seven-lifestyle-pvt-ltd-anr-compan-44fd0d74

## Summary

### Background

This is a Company Appeal (AT) (Ins.) No. 300 of 2021 before the National Company Law Appellate Tribunal, New Delhi. The appeal involves Ashwinin Kumar Pandey as the appellant and Piyush Moona, the Interim Resolution Professional, and R.S. Seven Lifestyle Pvt. Ltd. & Anr. as the respondents. The parties have arrived at a settlement, and the terms of the settlement are brought on record. The settlement involves the withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated against R.S. Seven Lifestyle Private Limited.

## Facts

Ashwinin Kumar Pandey filed an appeal against Piyush Moona (Interim Resolution Professional) and R.S. Seven Lifestyle Pvt. Ltd. & Anr. The parties reached a settlement outside of court on 04.06.2021. The terms of the settlement were brought on record via I.A No. 1238 of 2021. The settlement included an agreement to resolve disputes amicably and for the second party to file a joint application seeking withdrawal of CP (IB) No. 08 (ND)/2020. The settlement also involved the quashing of the order dated 01.04.2021 passed in CP (IB) No.8/(ND)/2020, thereby terminating the Corporate Insolvency Resolution Process (CIRP) initiated against R.S. Seven Lifestyle Private Limited. The first party managed the required inflow of funds into the bank account of R.S. Seven Lifestyle

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## Issues and analysis

### Issue 1: Whether the settlement arrived at between the parties warrants the setting aside of the Impugned …

**Ratio:** The legal principle is that settlements reached between parties in insolvency proceedings

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**Reasoning:** The court reasoned that the parties had mutually agreed to resolve their disputes and had

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**Interpretation:** This involves interpreting the provisions of the Insolvency and Bankruptcy Code

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**Application:** The court applied this principle to the specific facts by acknowledging the

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## Parties

- **Judges:** Anant Bijay…; Shreesha…
- **Appellants:** Ashwinin Kumar…
- **Respondents:** R.S. Seven…; Piyush…
- **Advocates:** Karan Va…; Harneet…; +5 more

## Timeline

- **2021-06-04 — Settlement…**: Parties arrived at a…
- **2021-06-18 — I.A. Fil…**: Learned Counsel for the Parties filed the I.A No. 1238 of 2021 bringing on record the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8(nd) — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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