Jitendra Kantilal Shah, a 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Sutlej Housing Private Limited, the 'Corporate Debtor'. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application via an order dated September 25, 2019. Dilip L Narang & Ors., the Appellant-Shareholder, sought an opportunity for settlement with the 'Corporate Debtor'. The matter was adjourned to allow for settlement, but after more than a month, no final settlement was reached, although a Memorandum of Understanding was reached. The Appellant sought relief, but the court declined to grant it.

Jitendra Kantilal Shah, a 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Sutlej Housing Private Limited, the 'Corporate Debtor'. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application via an order dated September 25, 2019. Dilip L Narang & Ors., the Appellant-Shareholder, sought an opportunity for settlement with the 'Corporate Debtor'. The matter was adjourned to allow for settlement, but after more than a month, no final settlement was reached, although a Memorandum of Understanding was reached. The Appellant sought relief, but the court declined to grant it.