# In the matter of Kamal Uttamchand Jain & Anr. Erstwhile Directors of
Goodwill Theaters Pvt. Ltd.  Vs. Sunteck Realty Ltd. & Anr. CA (AT) (Ins) No. 82 of 2021

> NCLAT judgment dated 2021-02-11. Citation: TCN-2021-NCLAT-00369. This is an appeal against the order dated January 7, 2021, passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 11 Feb 2021
- **Citation:** TCN-2021-NCLAT-00369
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kamal-uttamchand-jain-anr-erstwhile-directors-of-goodwill-theaters-pvt-ltd-vs-su-6bd87ba2

## Summary

### Background

This is an appeal against the order dated January 7, 2021, passed by the Adjudicating Authority (National Company Law Tribunal), Court-V, Mumbai Bench, admitting the application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appeal was filed because the appellant believed that the Respondent No.1 did not qualify as an Operational Creditor, and the debt in question did not fall within the purview of the operational debt.

## Facts

Kamal Uttamchand Jain & Anr., Erstwhile Directors of Goodwill Theaters Pvt. Ltd., filed an appeal against Sunteck Realty Ltd. & Anr. The appeal was against an order passed by the Adjudicating Authority (NCLT) admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appellant contended that the Respondent No.1 did not qualify as an Operational Creditor. During the proceedings, the parties informed the court that they had arrived at a settlement. The IRP confirmed that Respondent No.1 is the sole creditor of the COC, and there are seven Financial Creditors who are related parties and do not qualify as COC members. The key fact is the settlement between the parties, which influenced the court's decision to dispose of the appeal

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## Issues and analysis

### Issue 1: Whether the Respondent No.1 qualifies as an Operational Creditor under the Insolvency and …

**Ratio:** The ratio is based on the interpretation of Section 9 of the Insolvency and Bankruptcy

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**Reasoning:** The court's reasoning is based on the fact that the parties have arrived at a settlement,

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**Interpretation:** The interpretation involves understanding the criteria for an entity to be

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**Application:** The application of this ratio to the facts involves assessing whether the debt

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## Parties

- **Judges:** Bansi Lal…; Ashok Kumar…; +1 more
- **Appellants:** Kamal Uttamchand…
- **Respondents:** Goodwill Theaters…; Sunteck Realty…

## Timeline

- **2021-01-07 — Impugned…**: The Adjudicating Authority (NCLT) passed an order admitting the application under Section…
- **2021-02-11 — Appeal F…**: The Appellant filed an appeal against the…

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