# In the matter of Charan Singh Khangarot vs. Shreyansh Jain & Anr.

> NCLAT judgment dated 2024-12-23. Citation: TCN-2024-NCLAT-00718. The appellant, Charan Singh Khangarot, entered into an OTS (One Time Settlement) with the…

- **Court:** NCLAT
- **Order date:** 23 Dec 2024
- **Citation:** TCN-2024-NCLAT-00718
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/charan-singh-khangarot-vs-shreyansh-jain-anr-84607fb7

## Summary

### Background

The appellant, Charan Singh Khangarot, entered into an OTS (One Time Settlement) with the Financial Creditor on 19.10.2023 but could only pay a partial amount. The Adjudicating Authority admitted Section 7 application.

## Facts

An OTS was entered into between the appellant and the Financial Creditor on 19.10.2023.

The appellant could only pay a partial amount under the OTS.

The Adjudicating Authority admitted Section 7 application.

Form-A has been issued inviting claims.

The appellant is endeavoring to approach the financial creditor to make payments as per the OTS terms.

The respondent claims that no OTS proposal has been received from the appellant.

The IRP is directed to collate claims based on Form-A but not to issue Form-G.

The appeal is listed for further hearing on 09.01.2025.

## Issues and analysis

### Issue 1: Whether the appellant's inability to pay the full amount under the OTS justifies the admission of …

**Ratio:** The Adjudicating Authority

…

**Reasoning:** The appellant failed to fulfill the terms of

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**Interpretation:** The admission of Section 7 application suggests that the Adjudicating Authority

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**Application:** The admission of Section 7 application is applied due to the appellant's

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Charan Singh…
- **Respondents:** Shreyansh…
- **Advocates:** Sanjoy…; Vivek…; +7 more

## Timeline

- **2023-10-19 — OTS Ente…**: Appellant entered into an OTS…
- **2024-12-23 — Current Ord…**: Order issued regarding the OTS…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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