# In the matter of Edwell Infrastructure Hazira Ltd. Vs. Siddhi Vinayak Logistics Ltd.  I.A. No. 1356 of 2021 in Company Appeal (AT) (Insolvency) No. 951 of 2019 & I.A. No. 1719,2557 of 2020

> NCLAT judgment dated 22 Jul 2021. Citation: TCN-2021-NCLAT-00168. The appeal was filed by the shareholder of the Corporate Debtor against an order admitting…

- **Court:** NCLAT
- **Order date:** 22 Jul 2021
- **Citation:** TCN-2021-NCLAT-00168
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/edwell-infrastructure-hazira-ltd-vs-siddhi-vinayak-logistics-ltd-ia-no-1356-of-2-12ae86e1

## Summary

### Background

The appeal was filed by the shareholder of the Corporate Debtor against an order admitting an application under Section 9 of the IBC. The parties subsequently reached a settlement, leading to the current application for withdrawal of the appeal and the original Section 9 petition.

## Facts

Edwell Infrastructure Hazira Ltd., the shareholder of Arkay Logistics Limited (Corporate Debtor), filed an appeal against an order dated August 29, 2019, passed by the Adjudicating Authority (NCLT, Mumbai Bench). This order admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Siddhi Vinayak Logistics Ltd. (Operational Creditor) for initiating Corporate Insolvency Resolution Process (CIRP) against Arkay Logistics Limited. Siddhi Vinayak Logistics Ltd. itself was undergoing CIRP and filed the application through its Liquidator.

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## Issues and analysis

### Issue 1: Whether the settlement agreement between the parties should be accepted to dispose of the appeal…

**Ratio:** A valid and executed settlement agreement between the parties, including payment of dues…

**Reasoning:** The NCLAT considered the settlement agreement, the payment of the agreed amount, and the…

**Interpretation:** The court interpreted the settlement agreement as a binding resolution of the…

**Application:** The NCLAT applied this interpretation by accepting the settlement, quashing the…

## Parties

- **Judges:** A.I.S. C…; Alok Sriv…
- **Advocates:** For Appel…; Ramji Srinivasan,…; +10 more

## Timeline

- **August 29, 2019 — NCLT Ord…**: Adjudicating Authority (NCLT, Mumbai Bench) admitted the application under Section 9 of…
- **September 13, 2019 — NCLAT Interi…**: NCLAT issued notice and an interim order staying publication in the appeal filed by…

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