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

> NCLAT judgment dated 2023-08-03. Citation: TCN-2023-NCLAT-00312. The case involves a Company Appeal (AT)(CH)(Ins) No.248/2023 filed under Section 61 of the…

- **Court:** NCLAT
- **Order date:** 3 Aug 2023
- **Citation:** TCN-2023-NCLAT-00312
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mohankumar-singapura-jayanna-vs-indiabulls-housing-finance-ltd-ors-a2bc3758

## Summary

### Background

The case involves a Company Appeal (AT)(CH)(Ins) No.248/2023 filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, arising out of an impugned order dated 23.06.2023 in C.P.(IB) No.99/BB/2022 passed by the National Company Law Tribunal, Bengaluru Bench. The appellant is Mohankumar Singapura Jayanna, the suspended director of M/s. Mantri Infrastructure Pvt. Ltd. The respondents are Indiabulls Housing Finance Ltd. and Rajesh Kumar Parakh, the IRP of M/s Mantri Infrastructure Pvt. Ltd. A joint application was filed by the parties stating that they had settled their disputes and sought to set aside the impugned order.

## Facts

Mohankumar Singapura Jayanna, the suspended director of M/s. Mantri Infrastructure Pvt. Ltd., filed an appeal against an order passed by the National Company Law Tribunal, Bengaluru Bench. Indiabulls Housing Finance Ltd. and Rajesh Kumar Parakh (IRP of M/s Mantri Infrastructure Pvt. Ltd.) are the respondents. The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016. The parties jointly filed an application stating that they had settled their disputes. The key fact is the settlement between the parties, which led to the request to set aside the impugned order. The tribunal verified the settlement and allowed the appeal, setting aside the impugned order and dismissing the company petition. The settlement is the central fact influencing the

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## Issues and analysis

### Issue 1: Whether the Tribunal should set aside the Impugned Order dated 23.06.2023 in CP(IB) No.99/BB/2022 …

**Ratio:** The legal principle applied is that parties are allowed to settle their disputes, and

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**Reasoning:** The Tribunal reasoned that the parties had categorically stated that their disputes were

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**Interpretation:** The interpretation is that settlements are encouraged in legal proceedings, and

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**Application:** In this specific case, the Tribunal applied the principle by acknowledging the

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## Parties

- **Judges:** M. Venu…; Shreesha…; +1 more
- **Appellants:** Mohankumar…
- **Respondents:** Mantri Infrastruct…; Indiabulls…

## Timeline

- **2023-06-23 — Impugned Ord…**: Date of the Impugned Order in C.P.(IB) No.99/BB/2022 passed by the Adjudicating Authority…
- **2023-08-03 — Order Da…**: Date of the order passed by the National Company Law Appellate Tribunal, Chennai,…

## 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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