# In the matter of Girish Agarwal. Vs. Lavis Signature Panel Pvt. Ltd. CA(AT)(Insolvency) 847-2019

> NCLAT judgment dated 2019-09-13. Citation: TCN-2019-NCLAT-00278. This is an appeal against an order related to the Corporate Insolvency Resolution Process…

- **Court:** NCLAT
- **Order date:** 13 Sept 2019
- **Citation:** TCN-2019-NCLAT-00278
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/girish-agarwal-vs-lavis-signature-panel-pvt-ltd-ca-6f14889c

## Summary

### Background

This is an appeal against an order related to the Corporate Insolvency Resolution Process (CIRP). The matter was settled between the Appellant and the Respondent, who is an Operational Creditor. The Corporate Debtor had already paid a portion of the outstanding amount before the admission of the application under Section 9 of the I&B Code. The remaining amount, as shown in the Demand Notice, was subsequently paid. The Interim Resolution Professional (IRP) had incurred costs, and the Committee of Creditors was not constituted.

## Facts

Girish Agarwal (Appellant) filed an appeal against M/s. Lavis Signature Panel Pvt. Ltd. (Respondent), an Operational Creditor, regarding an insolvency matter. The Corporate Debtor had paid Rs. 3 lakhs before the admission of the application under Section 9 of the I&B Code, and the remaining amount of Rs. 4,26,672/- was paid subsequently. The parties reached a settlement. The Committee of Creditors was not constituted. The Interim Resolution Professional (IRP) incurred costs of Rs. 1,32,000/-. The Corporate Insolvency Resolution Process (CIRP) was initiated against ‘M/s. Nikunj Woods Pvt. Ltd.'. The Adjudicating Authority passed orders appointing an Interim Resolution Professional, declaring a moratorium, and freezing accounts. The application preferred by the

…

## Issues and analysis

### Issue 1: Whether the settlement reached between the Appellant and the Respondent warrants setting aside the …

**Ratio:** Rule 11 of NCLAT Rules, 2016 allows the appellate tribunal to set aside the impugned

…

**Reasoning:** The court considered the settlement reached between the parties and exercised its power

…

**Interpretation:** Rule 11 of NCLAT Rules, 2016 provides the NCLAT with the power to set aside

…

**Application:** The court applied Rule 11 of NCLAT Rules, 2016 to the specific facts of the

…

## Parties

- **Judges:** S.J. Mukhop…; KanthiNar…
- **Appellants:** Girish Ag…
- **Respondents:** M/s. Nikunj Woods…; M/s. Lavis…

## Timeline

- **2019-07-30 — Impugned Ord…**: Date of the impugned order whereby the ‘Corporate Insolvency Resolution Process' was…
- **2019-09-11 — Payment of Remaining…**: Rest of the amount of Rs. 4,26,672/- which was the amount shown in the Demand Notice has…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/girish-agarwal-vs-lavis-signature-panel-pvt-ltd-ca-6f14889c