# In the matter of Panoramic Universal Vs. Sanitech Engineers & Consultants Pvt. Ltd. & Ors. CA(AT)(Ins) No. 1095 of 2019

> NCLAT judgment dated 2020-01-07. Citation: TCN-2020-NCLAT-00575. The case involves an appeal against an order by the Adjudicating Authority (National Company…

- **Court:** NCLAT
- **Order date:** 7 Jan 2020
- **Citation:** TCN-2020-NCLAT-00575
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/panoramic-universal-vs-sanitech-engineers-consultants-pvt-ltd-ors-ca-627661c4

## Summary

### Background

The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal) Hyderabad Bench, which initiated the Corporate Insolvency Resolution Process (CIRP) against ‘M/s Sri Vatsa Hotels Pvt. Ltd.' (Corporate Debtor) based on an application filed by ‘M/s Sanitech Engineers & Consultants Pvt. Ltd.' (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC). The appellant, Panoramic Universal, sought to settle the matter with the respondent, Sanitech Engineers & Consultants Pvt. Ltd. The Committee of Creditors had not been constituted at the time of the appeal.

## Facts

Sanitech Engineers & Consultants Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the IBC, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Sri Vatsa Hotels Pvt. Ltd. (Corporate Debtor) by the Adjudicating Authority. Panoramic Universal (Appellant) appealed this order. The Appellant and Respondent agreed to settle the matter, with the Appellant agreeing to pay Rs. 9,50,000 to the Respondent in installments. The first installment of Rs. 3,50,000 was already paid. The Appellant also agreed to pay Rs. 2,50,000 towards the fees of the Interim Resolution Professional (IRP) and Rs. 50,000 towards publication charges. The Committee of Creditors had not been constituted. The learned counsel for the Appellant

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## Issues and analysis

### Issue 1: Whether the impugned order initiating the Corporate Insolvency Resolution Process against ‘M/s Sri …

**Ratio:** Rule 11 of the NCLAT Rules, 2016 confers the power to set aside the impugned order when a

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**Reasoning:** The court considered the terms of the agreement reached between the parties, where the

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**Interpretation:** This implies that the NCLAT has the authority to set aside orders if the

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**Application:** The NCLAT applied Rule 11 of the NCLAT Rules, 2016 to set aside the impugned

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Panoramic…
- **Respondents:** M/s Sri Vatsa…; Sanitech Engineers…

## Timeline

- **2019-09-30 — Impugned…**: The Adjudicating Authority (National Company Law Tribunal) Hyderabad Bench initiated…
- **2019-10-22 — Matter Ta…**: The matter was taken up, and the Appellant's counsel submitted that the Appellant is…

## 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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