# In the matter of Gaurav Pandey Vs Eternity Invwestment Services Pvt. Ltd. & Anr. CA (AT) (Insolvency) 714-2018

> NCLAT judgment dated 2018-11-30. Citation: TCN-2018-NCLAT-00033. The case involves an appeal against the admission of an application under Section 7 of the…

- **Court:** NCLAT
- **Order date:** 30 Nov 2018
- **Citation:** TCN-2018-NCLAT-00033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/gaurav-pandey-vs-eternity-invwestment-services-pvt-ltd-anr-ca-dc89c7c1

## Summary

### Background

The case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench. The appellant, representing the Corporate Debtor, contended that a settlement had been reached with the Financial Creditor before the admission of the application. The Financial Creditor initially declined to withdraw the application, citing that the matter was fixed for pronouncement. The parties submitted a 'Settlement Deed' dated 1st November 2018, indicating a settlement prior to the admission date.

## Facts

Gaurav Pandey, the Appellant and Corporate Debtor, appealed against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Eternity Investment Services Pvt. Ltd. & Anr., the Respondents and Financial Creditors. The Adjudicating Authority, Chandigarh, admitted the application. The Appellant contended that a settlement had been reached with the Financial Creditor before the admission of the application. The Financial Creditor initially declined to withdraw the application. A 'Settlement Deed' dated 1st November 2018, was submitted, indicating a settlement prior to the admission date of 13th November 2018. An e-stamp for the settlement deed was purchased on 30th October 2018. The Resolution Professional submitted that fees and

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in admitting the application under Section 7 of …

**Ratio:** The legal principle is that an application under Section 7 of the I&B Code should not

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**Reasoning:** The court reasoned that the settlement reached on 1st November 2018, prior to the

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**Interpretation:** This interprets Section 7 of the I&B Code to mean that the existence of a

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Gaurav P…
- **Respondents:** Eternity Investmen…
- **Advocates:** Virender…; Naman J…; +6 more

## Timeline

- **2018-10-30 — E-stamp Pu…**: E-stamp for the settlement…
- **2018-11-01 — Settlement…**: Settlement was reached…

## 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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