# In the matter of Mohankumar Singapura Jayanna vs. Indiabulls Housing Finance Ltd. & Ors.

> NCLAT judgment dated 2023-08-03. Citation: TCN-2023-NCLAT-00313. The case involves a Company Appeal filed under Section 61 of the Insolvency and Bankruptcy…

- **Court:** NCLAT
- **Order date:** 3 Aug 2023
- **Citation:** TCN-2023-NCLAT-00313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mohankumar-singapura-jayanna-vs-indiabulls-housing-finance-ltd-ors-0eb6d178

## Summary

### Background

The case involves a Company Appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, arising from an Impugned Order dated 23.06.2023 passed by the National Company Law Tribunal, Bengaluru Bench, in C.P.(IB) No.97/BB/2022. The parties filed a joint application stating they had settled their disputes and sought to set aside the Impugned Order to facilitate the execution and implementation of the settlement.

## Facts

Mohankumar Singapura Jayanna, the Suspended Director of M/s. Mantri Techzone Pvt. Ltd., filed an appeal against the Impugned Order dated 23.06.2023 in C.P.(IB) No.97/BB/2022 passed by the National Company Law Tribunal, Bengaluru Bench. Indiabulls Housing Finance Ltd. and Rajesh Kumar Parakh, the IRP of M/s Mantri Techzone Pvt. Ltd., were the respondents. The parties jointly filed IA No.778 of 2023 stating that they had settled their disputes and sought to set aside the Impugned Order to facilitate the execution and implementation of the settlement. The key fact is the settlement between the parties, which led to the appeal being allowed and the Impugned Order being set aside.

## Issues and analysis

### Issue 1: Whether the appellate tribunal should set aside the Impugned Order dated 23.06.2023 in C.P.(IB) …

**Ratio:** When parties to a dispute reach a settlement and jointly request the court to set aside

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**Reasoning:** The tribunal reasoned that the parties had settled their disputes and jointly requested

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**Interpretation:** The interpretation is that the appellate tribunal recognizes and respects the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** M. Venu…; Shreesha…
- **Appellants:** Mohankumar…
- **Respondents:** Mantri Techzone…; Indiabulls…

## Timeline

- **2023-06-23 — Impugned Ord…**: Date of the Impugned Order in C.P.(IB) No.97/BB/2022 passed by the National Company Law…
- **2023-08-03 — Order Da…**: Date of the order passed by the National Company Law Appellate Tribunal setting aside the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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