# In the matter of Deepan Goyal vs. Vebtus Industries Ltd. & Anr. Company Appeal (AT) (Insolvency) No. 1113 of 2022

> NCLAT judgment dated 2022-09-16. Citation: TCN-2022-NCLAT-00213. The appeal was filed against the order dated August 26, 2022, passed by the National Company…

- **Court:** NCLAT
- **Order date:** 16 Sept 2022
- **Citation:** TCN-2022-NCLAT-00213
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/deepan-goyal-vs-vebtus-industries-ltd-anr-company-appeal-08b03f8f

## Summary

### Background

The appeal was filed against the order dated August 26, 2022, passed by the National Company Law Tribunal, Indore Bench, which admitted a Section 9 application filed by the Operational Creditor under the Insolvency and Bankruptcy Code, 2016. An I.A. No. 3409 of 2022 was filed by the Appellant along with a Settlement Agreement dated 10.09.2022, indicating that the Appellant had settled all dues of the Operational Creditor and made a payment of Rs. 40 Lakhs by Demand Draft.

## Facts

The National Company Law Tribunal, Indore Bench, admitted a Section 9 application filed by the Operational Creditor under the Insolvency and Bankruptcy Code, 2016. The Appellant filed an appeal against this order. During the appeal process, the Appellant and the Operational Creditor entered into a Settlement Agreement dated 10.09.2022, where the Appellant settled all dues by paying Rs. 40 Lakhs via Demand Draft. The Appellant filed I.A. No. 3409 of 2022 to bring the Settlement Agreement on record. The fee of the IRP as directed by the Adjudicating Authority as Rs. 1 Lakh and the Expenses for Publication shall be paid by the Operational Creditor.

## Issues and analysis

### Issue 1: Whether the settlement agreement between the Appellant and the Operational Creditor warrants the …

**Ratio:** When parties reach a settlement and the settlement agreement is brought on record, the

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**Reasoning:** The court took the Settlement Agreement on record, indicating that the dues had been

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**Interpretation:** The legal principle is that a settlement between parties can supersede previous

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**Application:** In this case, the Appellant settled the dues with the Operational Creditor, and

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Deepan…
- **Respondents:** Vebtus Industries…
- **Advocates:** Manoj M…; Abhishe…; +3 more

## Timeline

- **2022-08-26 — Order by…**: National Company Law Tribunal, Indore Bench, passed an order admitting a Section 9…
- **2022-09-10 — Settlement Ag…**: Settlement Agreement entered into between the…

## 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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