# In the matter of Laximinath Nathuram Trivedi vs. Alpine Stampings & Anr.

> NCLAT judgment dated 2023-03-29. Citation: TCN-2023-NCLAT-00827. The appeal was filed against the order dated 15th March, 2023, passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 29 Mar 2023
- **Citation:** TCN-2023-NCLAT-00827
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/laximinath-nathuram-trivedi-vs-alpine-stampings-anr-03e587d7

## Summary

### Background

The appeal was filed against the order dated 15th March, 2023, passed by the Adjudicating Authority, which admitted the application under Section 9 of the I&B Code, 2016, filed by the Operational Creditor. The Appellant, Ex-Director of the Corporate Debtor, filed this appeal.

## Facts

The appeal was filed against the order of admission of application under Section 9 of the I&B Code.

A settlement agreement was reached between the appellant and the operational creditor.

The dues of the operational creditor were settled for Rs. 1,07,33,948/-.

Demand Drafts for Rs. 80 Lakhs were handed over to the operational creditor.

The appellant was directed to pay the IRP fee of Rs. 1 Lakh plus expenses.

The Corporate Insolvency Resolution Process (CIRP) was terminated due to the settlement.

## Issues and analysis

### Issue 1: Whether the settlement agreement between the appellant and the operational creditor warrants the …

**Ratio:** The court found no reason to continue

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**Reasoning:** The settlement addressed the

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**Interpretation:** A settlement between parties can be a

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**Application:** The court applied this principle by setting aside the order admitting the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Laximinath…
- **Respondents:** Alpine Stampings…
- **Advocates:** Anus Ti…; Kartik Naga…

## Timeline

- **2023-03-15 — Order Da…**: Order passed by the Adjudicating Authority admitting the application under Section 9 of…
- **2023-03-27 — Settlement Agreement…**: Settlement Agreement dated 27th March,…

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