# In the matter of Mr. Abhay Mehta Vs. Industrial X-Ray & Allied Radiographers Pvt. Ltd. & Ors. CA(AT)(Ins)No. 1225 of 2019

> NCLAT judgment dated 2019-11-25. Citation: TCN-2019-NCLAT-00083. The case involves an appeal against the initiation of the Corporate Insolvency Resolution…

- **Court:** NCLAT
- **Order date:** 25 Nov 2019
- **Citation:** TCN-2019-NCLAT-00083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mr-abhay-mehta-vs-industrial-x-ray-allied-radiographers-pvt-ltd-ors-ca-0f7b3bec

## Summary

### Background

The case involves an appeal against the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Operational Creditor, Industrial X-Ray & Allied Radiographers Pvt. Ltd., had filed an application against the Corporate Debtor, Indus Projects Ltd. After the admission of the application but before the constitution of the Committee of Creditors, the parties reached a settlement. The terms of the settlement involved the Corporate Debtor paying Rs. 44,50,000 to the Operational Creditor in full and final settlement of all claims. The settlement also included post-dated cheques to be issued by the Corporate Debtor.

## Facts

On 2019-11-25, Industrial X-Ray & Allied Radiographers Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against Indus Projects Ltd. (Corporate Debtor). After the application's admission but before the constitution of the Committee of Creditors, the parties reached a settlement. The Corporate Debtor agreed to pay Rs. 44,50,000 to the Operational Creditor in full and final settlement, with post-dated cheques issued. The settlement terms stipulated that upon execution and compliance, both parties' claims would be fully settled, and neither party would file any further claims. The Corporate Debtor undertook to pay the agreed amount by the

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## Issues and analysis

### Issue 1: Whether the settlement reached between the Operational Creditor and the Corporate Debtor after the …

**Ratio:** A settlement reached between parties before the constitution of the Committee of

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**Reasoning:** The court considered the submissions of the counsels for both parties, including the

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**Interpretation:** The interpretation of the law allows for settlements between parties in

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**Application:** In this case, the settlement involved the Corporate Debtor paying Rs. 44,50,000

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…; +1 more
- **Appellants:** Abhay M…
- **Respondents:** Indus Proje…; Industrial X-Ray…

## Timeline

- **2019-10-01 — NCLT Ord…**: NCLT appointed Interim…
- **2019-10-05 — Settlement…**: Parties reached a settlement before the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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