# In the matter of Pankaj Kalra vs. Greeka Greens Solutions (India) Ltd. & Anr.

> NCLAT judgment dated 2024-09-10. Citation: TCN-2024-NCLAT-00202. The case involves an appeal against the admission of a Section 9 application by the…

- **Court:** NCLAT
- **Order date:** 10 Sept 2024
- **Citation:** TCN-2024-NCLAT-00202
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pankaj-kalra-vs-greeka-greens-solutions-6c2b6085

## Summary

### Background

The case involves an appeal against the admission of a Section 9 application by the Adjudicating Authority. A settlement was entered between the parties on 03.07.2020, requiring the Corporate Debtor to pay a settled amount in 21 installments from August 2020 to March 2022. 20 installments were paid, but the last installment was not. The Operational Creditor filed an application under Section 9, disregarding the settlement. The last installment was paid by the Appellant during the pendency of the proceedings.

## Facts

A settlement was reached between the parties on 03.07.2020, outlining a payment schedule for the Corporate Debtor involving 21 installments from August 2020 to March 2022. The Corporate Debtor made 20 installment payments, but failed to pay the final installment. The Operational Creditor, despite accepting the previous payments, filed an application under Section 9 of the IBC, disregarding the settlement. The Appellant paid the last installment during the pendency of the proceedings before the Adjudicating Authority. The Adjudicating Authority admitted the Section 9 application. The Appellant claims to be a healthy company with a substantial turnover and workforce.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in admitting the Section 9 application despite the …

**Ratio:** The principle is that a settlement agreement, if valid and subsisting, should be given

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**Reasoning:** The court reasoned that the Adjudicating Authority, while noticing the settlement, did

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**Interpretation:** This issue involves the interpretation of Section 9 of the IBC in conjunction

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**Application:** In this case, the existence of a settlement agreement, the partial fulfillment

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Pankaj…
- **Respondents:** Essar Oil and Gas…; Essar Oil & Gas…; +1 more

## Timeline

- **2020-07-03 — Settlement Ag…**: Settlement entered between the Parties, requiring the Corporate Debtor to pay a settled…
- **2020-08-01 — Installment Payments…**: Installment payments commenced as per the settlement agreement, scheduled until March…

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