# In the matter of Nirav Vipul Talsania vs. Novatic Coatings Pvt. Ltd. & Anr.

> NCLAT judgment dated 2023-04-06. Citation: TCN-2023-NCLAT-00637. The case involves an appeal against an order dated March 17, 2023, by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 6 Apr 2023
- **Citation:** TCN-2023-NCLAT-00637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/nirav-vipul-talsania-vs-novatic-coatings-pvt-ltd-anr-a63dfdee

## Summary

### Background

The case involves an appeal against an order dated March 17, 2023, by the Adjudicating Authority, which admitted a Section 9 application under the I&B Code, 2016. The appellant and respondent have reached a settlement, documented in 'Consent Terms'.

## Facts

Nirav Vipul Talsania filed an appeal against an order dated March 17, 2023, by the Adjudicating Authority, which admitted a Section 9 application of the I&B Code, 2016. During the appeal process, the parties reached a settlement, documented in 'Consent Terms', filed as I.A. No. 1404 of 2023. The appellant has undertaken to bear the expenses of the IRP. The Adjudicating Authority had previously directed a payment of Rs. 5 Lakhs towards fees and expenses. Now, the appellant is required to pay Rs. 1 Lakh towards fees and the expenses of the IRP. The Operational Creditor no longer wants to prosecute the application under Section 9 of the Code. The settlement is taken on record, the appeal is closed, and the original order is set aside.

## Issues and analysis

### Issue 1: Whether the settlement between the parties should be taken on record and the appeal disposed of …

**Ratio:** A settlement reached between parties in a legal dispute can be recognized and enforced by

…

**Reasoning:** The court considered the 'Consent Terms' filed by the parties, indicating a mutual

…

**Interpretation:** The principle of upholding settlements is a cornerstone of dispute resolution,

…

**Application:** In this case, the court took the 'Consent Terms' on record, acknowledging the

…

## Parties

- **Judges:** Ashok Bh…; KanthiNar…
- **Appellants:** Nirav Vipul…
- **Respondents:** Novatic Coatings…

## Timeline

- **2023-03-17 — Order by Adjudicating…**: The Adjudicating Authority admitted…
- **2023-04-05 — Consent Term…**: I.A. No. 1404 of 2023 filed, bringing on record…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/nirav-vipul-talsania-vs-novatic-coatings-pvt-ltd-anr-a63dfdee