# In the matter of HEC Infra Projects Ltd. Vs. Jyoti Ltd.  and Rahul Amin, Suspended director of Jyoti Ltd Vs. Jyoti Ltd. & Ors. Company Appeal (AT) (Insolvency) No. 597 & 1012 of 2020

> NCLAT judgment dated 2021-03-22. Citation: TCN-2021-NCLAT-00310. The case involves two company appeals, No. 597 of 2020 and No. 1012 of 2020, both related to…

- **Court:** NCLAT
- **Order date:** 22 Mar 2021
- **Citation:** TCN-2021-NCLAT-00310
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/hec-infra-projects-ltd-vs-jyoti-ltd-and-rahul-amin-suspended-director-of-jyoti-l-1301f2eb

## Summary

### Background

The case involves two company appeals, No. 597 of 2020 and No. 1012 of 2020, both related to insolvency. The Corporate Debtor offered to settle its claim for Rs. 16.50 crores, which was examined by Respondent No. 2. An affidavit was filed stating that the settlement amount was received, and both parties agreed to withdraw all legal proceedings. The compromise proposal/letter dated 24.2.2021 incorporated the settlement terms.

## Facts

HEC Infra Projects Ltd filed an appeal against Jyoti Ltd. Rahul Amin, the suspended director of Jyoti Ltd, also filed an appeal against Jyoti Ltd & Ors. The Corporate Debtor offered to settle its claim for Rs. 16.50 crores. Respondent No. 2 examined the offer. An affidavit was filed confirming the receipt of the settlement amount of Rs. 16.50 crores. Both parties agreed to withdraw all legal proceedings filed against each other. The compromise proposal/letter was dated 24.2.2021. The financial creditors' claims were satisfied. The court allowed the appeal to be withdrawn. The proceeding pending before the Adjudicating Authority was ordered to be closed. The Corporate Debtor was released from the rigour of CIRP. Company Appeal (AT)(Insolvency) no.597/2020 was

…

## Issues and analysis

### Issue 1: Whether the appeal can be withdrawn given the settlement reached between the parties and the …

**Ratio:** When parties reach a settlement and the financial creditors' claims are satisfied, the

…

**Reasoning:** The court reasoned that since the Corporate Debtor offered to settle its claim, the

…

**Interpretation:** This legal issue involves the interpretation of the principles of settlement

…

**Application:** In this specific case, the ratio and reasoning were applied to the facts where

…

## Parties

- **Judges:** Bansi Lal…; DR ASHOK KUMAR…
- **Appellants:** HEC Infra…
- **Respondents:** Jyoti…

## Timeline

- **2021-02-24 — Compromise Proposal/Lett…**: Compromise proposal/letter dated…
- **2021-03-22 — Order Da…**: In Company Appeal (AT) (Insolvency) No.1012/2020 an IA No.521/2021 has been filed seeking…

---

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/hec-infra-projects-ltd-vs-jyoti-ltd-and-rahul-amin-suspended-director-of-jyoti-l-1301f2eb