# In the matter of Prakash Bhandare Vs.
IVAX Paper Chemicals Ltd. & Anr. Company Appeal (AT) (Ins) No. 702 of 2022

> NCLAT judgment dated 2022-06-27. Citation: TCN-2022-NCLAT-00407. The matter pertains to Company Appeal (AT) (Ins) No. 702 of 2022 before the National Company…

- **Court:** NCLAT
- **Order date:** 27 Jun 2022
- **Citation:** TCN-2022-NCLAT-00407
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/prakash-bhandare-vs-ivax-paper-chemicals-ltd-anr-company-appeal-a4e2bb42

## Summary

### Background

The matter pertains to Company Appeal (AT) (Ins) No. 702 of 2022 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The appellant, Prakash Bhandare, and the respondents, IVAX Paper Chemicals Ltd. & Anr., reached a settlement. I.A. No. 1707 of 2022, filed in CP (IB) No. 2939/IBC/MB/2018 before the National Company Law Tribunal, Mumbai Court II, was allowed by the Adjudicating Authority on 24.06.2022.

## Facts

Prakash Bhandare filed an appeal against IVAX Paper Chemicals Ltd. & Anr. before the NCLAT. During the proceedings, the parties reached a settlement. As a result of this settlement, I.A. No. 1707 of 2022, which was filed in CP (IB) No. 2939/IBC/MB/2018 before the National Company Law Tribunal, Mumbai Court II, was allowed by the Adjudicating Authority on June 24, 2022. The appellant's counsel informed the NCLAT about the settlement and the allowance of the I.A. The factum of settlement was not disputed by the other side and was admitted. This settlement led to the dismissal of the appeal.

## Issues and analysis

### Issue 1: Whether the Company Appeal (AT) (Ins) No. 702 of 2022 should be dismissed as withdrawn due to the …

**Ratio:** When parties to a legal proceeding reach a settlement and the Adjudicating Authority has

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**Reasoning:** The NCLAT acknowledged the settlement between the parties and the fact that I.A. No. 1707

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**Interpretation:** This legal principle allows for the efficient resolution of cases when parties

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**Application:** In this specific case, the appellant and respondents reached a settlement, and

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## Parties

- **Judges:** M. Venu…; Shreesha…
- **Appellants:** Prakash Bh…
- **Respondents:** IVAX Paper…

## Timeline

- **2018-01-01 — CP (IB) No. 2939/IBC/MB/…**: CP (IB) No. 2939/IBC/MB/2018 filed before the National Company Law Tribunal, Mumbai Court…
- **2022-06-24 — I.A. No. 1707 of 2022…**: I.A. No. 1707 of 2022 was allowed…

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