# In the matter of Mineshkumar M Jagani Vs. Shreedhar Cotsyn Pvt. Ltd. & Anr. I.A. No. 3118 of 2022 in Company Appeal (AT) (Insolvency) No. 957 of 2022

> NCLAT judgment dated 2022-09-02. Citation: TCN-2022-NCLAT-00243. Company Appeal (AT) (Insolvency) No. 957 of 2022 was filed against an order dated 2022-07-26,…

- **Court:** NCLAT
- **Order date:** 2 Sept 2022
- **Citation:** TCN-2022-NCLAT-00243
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mineshkumar-m-jagani-vs-shreedhar-cotsyn-pvt-ltd-anr-ia-no-3118-of-2022-in-compa-43a32d65

## Summary

### Background

Company Appeal (AT) (Insolvency) No. 957 of 2022 was filed against an order dated 2022-07-26, where the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Court-2, rejected an application under Section 9 filed by the Respondent as infructuous. Company Appeal (AT) (Insolvency) No. 967 of 2022 was filed against an order dated 2022-07-26, where the Adjudicating Authority admitted an application under Section 7 filed by the Respondent. Both appeals had IAs filed to bring on record the settlement entered between the parties dated 2022-08-27.

## Facts

Mineshkumar M Jagani filed Company Appeal (AT) (Insolvency) No. 957 of 2022 against Shreedhar Cotsyn Pvt. Ltd. & Anr. concerning an order dated 2022-07-26 where the Adjudicating Authority rejected an application under Section 9 filed by the Respondent. Mineshkumar M Jagani also filed Company Appeal (AT) (Insolvency) No. 967 of 2022 against Shreedhar Cotsyn Pvt. Ltd. & Anr. concerning an order dated 2022-07-26 where the Adjudicating Authority admitted an application under Section 7 filed by the Respondent. During the pendency of the appeals, the parties reached a settlement on 2022-08-27. The Financial Creditor then sought to withdraw the matter based on the settlement.

## Issues and analysis

### Issue 1: Whether the settlement between the parties warrants the withdrawal of the applications and setting …

**Ratio:** When parties reach a settlement during the pendency of an appeal, and the Financial

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**Reasoning:** The court considered the submission of the learned counsel for the Financial Creditor

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**Interpretation:** This reflects the court's willingness to acknowledge and give effect to

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**Application:** In this case, the settlement between Mineshkumar M Jagani and Shreedhar Cotsyn

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Mineshkumar M…
- **Respondents:** Shreedhar Cotsyn…

## Timeline

- **2022-07-26 — Order by Adjudicating…**: The Adjudicating Authority (NCLT), Ahmedabad Bench, Court-2, rejected the application…
- **2022-08-27 — Settlement between…**: The parties involved in the…

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