# In the matter of Ms. Lopa Pankaj Dave (Suspended Director of Raymon Patel Gelatine Pvt. Ltd.)
 Vs.
Mrs. Sunandaben R. Patel & Anr. Comp. App. (AT) (Ins.) No.382 of 2022

> NCLAT judgment dated 2022-05-27. Citation: TCN-2022-NCLAT-00453. This is an appeal against the order dated 30.03.2022 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 27 May 2022
- **Citation:** TCN-2022-NCLAT-00453
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ms-lopa-pankaj-dave-suspended-director-of-raymon-patel-gelatine-pvt-ltd-vs-mrs-s-67dc3a0c

## Summary

### Background

This is an appeal against the order dated 30.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, Court-2, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The parties have now settled the matter, and the settlement terms have been incorporated in Application I.A No. 1653 of 2022.

## Facts

Ms. Lopa Pankaj Dave, the Suspended Director of Raymon Patel Gelatine Pvt. Ltd., filed an appeal against Mrs. Sunandaben R. Patel & Anr. The appeal contested an order dated 30.03.2022 by the Adjudicating Authority (NCLT), Ahmedabad, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the parties reached a settlement, and the terms were incorporated in an application. The appellant's counsel stated that a demand draft of Rs. 1,50,00,000/- had already been handed over to the respondent, with another draft of Rs. 80,00,000/- to follow within seven days. The respondent's counsel noted that the post-dated cheques received were in the wrong name of Respondent No.1, which the appellant agreed to rectify. The

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## Issues and analysis

### Issue 1: Whether the settlement between the parties should be recorded and the appeal disposed of in …

**Ratio:** The principle of upholding settlements and promoting amicable resolutions in legal

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**Reasoning:** The court reasoned that the parties had reached a settlement, and it was appropriate to

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**Interpretation:** This involves interpreting the settlement agreement to ensure that it is fair,

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**Application:** The court applied this principle by recording the settlement and disposing of

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## Parties

- **Judges:** Ashok Bh…; Naresh Sa…
- **Appellants:** Lopa Panka…
- **Respondents:** Raymon Patel…; Sunandaben R.…

## Timeline

- **2022-03-30 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad,…
- **2022-05-27 — Hearing of th…**: Learned Counsel for the…

## 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)

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