# In the matter of Chandrakant Hiralal Shah vs. Assets Care and Reconstruction Enterprise Ltd. & Anr.

> NCLAT judgment dated 2025-07-02. Citation: TCN-2025-NCLAT-00343. The case pertains to Company Appeal (AT) (Insolvency) No. 919 of 2025 before the NCLAT,…

- **Court:** NCLAT
- **Order date:** 2 Jul 2025
- **Citation:** TCN-2025-NCLAT-00343
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/chandrakant-hiralal-shah-vs-assets-care-and-reconstruction-enterprise-ltd-anr-028decee

## Summary

### Background

The case pertains to Company Appeal (AT) (Insolvency) No. 919 of 2025 before the NCLAT, Principal Bench, New Delhi.

## Facts

The parties are negotiating settlement terms.

A draft settlement proposal has been received by the Corporate Debtor from the Financial Creditor.

A resolution plan for NLKPL is under consideration.

Judgment has been reserved in the resolution plan for NLKPL.

The debt of the Corporate Debtor has been taken care of.

The proposal for settlement between the parties is still on.

## Issues and analysis

### Issue 1: Whether the settlement negotiations between the …

**Ratio:** The court acknowledges the

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**Reasoning:** The court notes that the parties are in the process of negotiating settlement terms and a

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**Interpretation:** The court is inclined to provide an opportunity for the settlement negotiations

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**Application:** The court lists the appeal for further hearing to allow the parties to continue

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## Parties

- **Judges:** Ashok Bh…; N. Sesha…; +1 more
- **Appellants:** Chandrakant…
- **Respondents:** NLKP…; Assets Care &…
- **Advocates:** Aayush Ag…; Prakash…; +4 more

## Timeline

- **2025-07-02 — Hearing…**: Counsel for the Appellant submits that the parties are negotiating with Settlement Terms…
- **2025-07-29 — Next Hearin…**: The appeal is listed…

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