# In the matter of Hemant Surana Vs. Viswanatha Balasubramanian & Anr. CA(AT)(Insolvency) No. 614-2019

> NCLAT judgment dated 2019-06-17. Citation: TCN-2019-NCLAT-00502. The case involves an appeal against an order related to the Corporate Insolvency Resolution…

- **Court:** NCLAT
- **Order date:** 17 Jun 2019
- **Citation:** TCN-2019-NCLAT-00502
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/hemant-surana-vs-viswanatha-balasubramanian-anr-ca-e8414f6b

## Summary

### Background

The case involves an appeal against an order related to the Corporate Insolvency Resolution Process (CIRP). The appellant sought preponement of the hearing due to a settlement reached with the respondent, who is a Financial Creditor. The settlement was reached after the initiation of CIRP but before the constitution of the Committee of Creditors (CoC). The Interim Resolution Professional (IRP) had been directed not to constitute the CoC.

## Facts

The Appellant, Hemant Surana, filed an appeal against an order related to the Corporate Insolvency Resolution Process (CIRP). The appellant sought preponement of the hearing due to a settlement reached with the Respondent, Viswanatha Balasubramanian, who is a Financial Creditor. The settlement was reached after the initiation of CIRP but before the constitution of the Committee of Creditors (CoC). An interim order had directed the Interim Resolution Professional (IRP) not to constitute the CoC. The Corporate Debtor and the Financial Creditor reached an amicable settlement regarding the amount claimed. The terms of the settlement were recorded in a Settlement Agreement. The Respondent's counsel admitted that the terms of the settlement were conscionable and satisfied

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## Issues and analysis

### Issue 1: Whether the settlement agreement between the Corporate Debtor and the Financial Creditor can be …

**Ratio:** A settlement agreement reached between parties in a legal dispute can be taken on record

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**Reasoning:** The court considered the admission by the Respondent's counsel that the Terms of

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**Interpretation:** This interprets the principle that courts can recognize and enforce settlement

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**Application:** The court applied this principle by taking the Settlement Agreement on record,

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## Parties

- **Judges:** Bansi Lal…
- **Appellants:** Hemant S…
- **Respondents:** Viswanatha…

## Timeline

- **2019-05-31 — Interim…**: Interim order passed directing the Interim Resolution Professional not to constitute the…
- **2019-06-10 — Settlement Ag…**: Settlement Agreement dated 10th June, 2019, between Respondent – Financial Creditor…

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