# In the matter of Mohan Bhandari vs. Asset Reconstruction Company (India) Ltd. & Anr.

> NCLAT judgment dated 2023-04-18. Citation: TCN-2023-NCLAT-00605. The appeal was filed against the order dated 11.11.2022 passed by the Adjudicating Authority,…

- **Court:** NCLAT
- **Order date:** 18 Apr 2023
- **Citation:** TCN-2023-NCLAT-00605
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mohan-bhandari-vs-asset-reconstruction-company-a8667f3e

## Summary

### Background

The appeal was filed against the order dated 11.11.2022 passed by the Adjudicating Authority, which admitted a Section 7 application. The appellant filed additional documents, including a letter dated 10.04.2023 from the respondent containing a 'No Dues Certificate,' stating that the entire settlement amount had been received.

## Facts

Mohan Bhandari filed an appeal against Asset Reconstruction Company (India) Ltd. The appeal contested an order dated 11.11.2022 by the Adjudicating Authority, which admitted a Section 7 application. The appellant submitted a 'No Dues Certificate' issued by the respondent, dated 10.04.2023, confirming the receipt of the entire settlement amount. The appellant is required to pay the necessary expenses and fees to the IRP.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should continue given the 'No Dues …

**Ratio:** The legal principle is that if a settlement has been reached and a 'No Dues Certificate'

…

**Reasoning:** The court reasoned that since the respondent had issued a 'No Dues Certificate'

…

**Interpretation:** This interprets that CIRP is intended to resolve outstanding debts, and when

…

**Application:** The ratio and reasoning were applied to the fact that the respondent issued a

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Mohan Bha…
- **Respondents:** Asset Reconstructi…

## Timeline

- **2022-11-11 — Order by Adjudicating…**: The Adjudicating Authority passed an…
- **2023-04-10 — 'No Dues Certificate'…**: The respondent issued a 'No Dues Certificate' confirming the receipt of the entire…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/mohan-bhandari-vs-asset-reconstruction-company-a8667f3e