# In the matter of Neeraj Walia Vs Idbi Trusteeship Services Ltd. & Anr.

> NCLAT judgment dated 2024-02-21. Citation: TCN-2024-NCLAT-00626. The case involves an appeal filed by Neeraj Walia, the Suspended Board of Director of Shipra…

- **Court:** NCLAT
- **Order date:** 21 Feb 2024
- **Citation:** TCN-2024-NCLAT-00626
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/neeraj-walia-vs-idbi-trusteeship-services-ltd-anr-71e287bc

## Summary

### Background

The case involves an appeal filed by Neeraj Walia, the Suspended Board of Director of Shipra Estate Ltd., against IDBI Trusteeship Services Ltd. & Anr. The appellant has reached out to the Financial Creditor, and a settlement is likely to take place. The Resolution Professional has submitted that the Committee of Creditors (CoC) has already been constituted.

## Facts

Neeraj Walia, the Suspended Board of Director of Shipra Estate Ltd., filed an appeal against IDBI Trusteeship Services Ltd. & Anr. The appellant's counsel informed the court that the appellant had contacted the Financial Creditor and a settlement was likely. The Financial Creditor's counsel did not dispute this statement. The Resolution Professional's counsel stated that the Committee of Creditors (CoC) had already been formed. The court then listed the appeal for further hearing on 2024-03-14 and ordered that no further steps be taken in pursuance of the impugned order.

## Issues and analysis

### Issue 1: Whether the appeal should be adjourned to allow time for a potential settlement between the …

**Ratio:** Courts generally encourage settlements between parties to resolve disputes efficiently

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**Reasoning:** The court acknowledged the submission by the appellant's counsel that a settlement was

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**Interpretation:** The court interpreted the situation as one where a settlement was a viable

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**Application:** The court applied the principle of encouraging settlements by adjourning the

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## Parties

- **Judges:** Ashok Bh…; Yogesh K…; +1 more
- **Appellants:** Neeraj…
- **Respondents:** Shipra Esta…; IDBI Trusteeship…

## Timeline

- **2024-02-21 — Hearing…**: Learned counsel for the Appellant submits that the Appellant has reached out to the…
- **2024-03-14 — Next Hearin…**: Appeal listed for…

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