# In the matter of Pradeep Jain Vs. State Bank of India & Anr. CA (AT) (Ins) No. 360 of 2021

> NCLAT judgment dated 2021-07-01. Citation: TCN-2021-NCLAT-00215. The case involves a Company Appeal (AT) (Ins) No. 360 of 2021 before the National Company Law…

- **Court:** NCLAT
- **Order date:** 1 Jul 2021
- **Citation:** TCN-2021-NCLAT-00215
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pradeep-jain-vs-state-bank-of-india-anr-ca-97c70c78

## Summary

### Background

The case involves a Company Appeal (AT) (Ins) No. 360 of 2021 before the National Company Law Appellate Tribunal, New Delhi. The appellant, Pradeep Jain, filed an appeal against State Bank of India & Anr. regarding a corporate insolvency resolution process (CIRP). The financial creditors have accepted the proposal of the Corporate Debtor Company. The appellant sought the revival of the appeal, contingent on the implementation of a settlement agreement.

## Facts

Pradeep Jain filed an appeal against State Bank of India & Anr. The appeal pertains to a corporate insolvency resolution process (CIRP). All six financial creditors have accepted the Corporate Debtor Company's settlement proposal. The appellant sought the revival of the appeal contingent on the implementation of a settlement agreement. The Board of Directors of the Corporate Debtor Company is currently suspended, preventing them from convening a meeting to authorize the settlement. The court considered submissions from both the appellant's and respondent's counsels. The guarantors were expected to file a guarantee to ensure the settlement's implementation. The IRP was to hand over charge to the Directors of the Corporate Debtor Company and ensure payment of CIRP

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## Issues and analysis

### Issue 1: Whether the impugned order should be set aside to facilitate the implementation of the settlement …

**Ratio:** The court has the power to set aside an order to facilitate a settlement between parties,

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**Reasoning:** The court reasoned that since a settlement had been reached and its implementation

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**Interpretation:** This implies that the court prioritizes settlements in insolvency cases to

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**Application:** The court applied this principle by setting aside the impugned order, allowing

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## Parties

- **Judges:** Jarat Kuma…; Ashok Kumar…
- **Appellants:** Pradeep…
- **Respondents:** State Bank of…

## Timeline

- **2021-07-01 — Hearing…**: Ld. Counsel for the Appellant submits that all the six Financial Creditors have accepted…
- **2021-08-04 — Appearance before…**: Parties are directed to appear before the…

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