# In the matter of Pankaj Lakhamshi Soni Vs. Sand Stone Constructions CA(AT)(Ins) No. 81 of 2020

> NCLAT judgment dated 2020-02-03. Citation: TCN-2020-NCLAT-00461. The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT)…

- **Court:** NCLAT
- **Order date:** 3 Feb 2020
- **Citation:** TCN-2020-NCLAT-00461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pankaj-lakhamshi-soni-vs-sand-stone-constructions-ca-9f5d8764

## Summary

### Background

The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning an insolvency matter. The Operational Creditor and the Corporate Debtor reached an amicable settlement, reducing the terms of the settlement to writing. The settlement terms were filed before the Appellate Tribunal.

## Facts

Pankaj Lakhamshi Soni filed an appeal against Sand Stone Constructions. The Operational Creditor (Sand Stone Constructions) and the Corporate Debtor reached an amicable settlement. The terms of the settlement involved a payment of Rs.3 Crore by the Corporate Debtor to the Operational Creditor. The payment was to be made via Pay Order No. 122687 dated 30.01.2020. The NCLAT accepted the settlement, set aside the order admitting the application under Section 9, and released Spenta Builders Pvt. Ltd. from the Corporate Insolvency Resolution Process. The Appellant – Corporate Debtor was directed to pay Rs.3 Lakhs + GST to the Interim Resolution Professional for their services.

## Issues and analysis

### Issue 1: Whether the amicable settlement between the Operational Creditor and the Corporate Debtor should be …

**Ratio:** Rule 11 of NCLAT Rules, 2016 allows the

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**Reasoning:** The parties reached an amicable settlement, and the Terms of Settlement were reduced to

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**Interpretation:** Rule 11 of NCLAT Rules, 2016 provides the NCLAT with the power to accept

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**Application:** The NCLAT applied Rule 11 of NCLAT Rules, 2016 and accepted the Terms of

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## Parties

- **Judges:** Bansi Lal…; Venugop…; +1 more
- **Appellants:** Pankaj Lakhamshi…
- **Respondents:** Spenta Builders…; Sand Stone…

## Timeline

- **2020-02-03 — Submission at…**: Parties submitted that they have…
- **2020-01-30 — Pay Order…**: Pay Order No. 122687 was drawn…

## 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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