# In the matter of Kalpesh Ramniklal Shah vs. Mundara Estate Developers Ltd. & Anr. Company Appeal (AT) (Insolvency) No.71 of 2023

> NCLAT judgment dated 2023-01-24. Citation: TCN-2023-NCLAT-00762. The case involves a Company Appeal (AT) (Insolvency) No.71 of 2023 before the National…

- **Court:** NCLAT
- **Order date:** 24 Jan 2023
- **Citation:** TCN-2023-NCLAT-00762
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kalpesh-ramniklal-shah-vs-mundara-estate-developers-ltd-anr-company-appeal-0a8b69f4

## Summary

### Background

The case involves a Company Appeal (AT) (Insolvency) No.71 of 2023 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The appellant and respondent were reportedly in settlement talks in 2012, where properties were given as security to liquidate the debt to the Financial Creditor. However, the respondent disputes the settlement document.

## Facts

Kalpesh Ramniklal Shah is the appellant in the case. Mundara Estate Developers Ltd. & Anr. are the respondents. A settlement was allegedly reached between the parties in 2012, involving properties as security to liquidate the debt to the Financial Creditor. The respondent disputes the settlement document. The appellant requested, and was granted, three weeks to negotiate with the Financial Creditor to make payment of the dues. The court ordered that the CoC should not be constituted in pursuance of the impugned order.

## Issues and analysis

### Issue 1: Whether the appellant should be granted additional time to negotiate with the Financial Creditor …

**Ratio:** The court has the discretion to grant parties reasonable time to attempt settlement

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**Reasoning:** The court considered the appellant's request for additional time to negotiate with the

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**Interpretation:** This reflects the court's approach to encourage settlement and amicable

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**Application:** The court applied this principle by granting the appellant three weeks to

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Kalpesh Ramniklal…
- **Respondents:** Mundara Estate…

## Timeline

- **2012-01-01 — Alleged Set…**: Parties allegedly reached a settlement where properties were given as security to…
- **2023-01-24 — Court He…**: Appellant requested time to negotiate with the Financial Creditor. The court granted…

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