# In the matter of Radha Prakash vs. Bhadani Financers Pvt. Ltd.

> NCLAT judgment dated 2023-03-14. Citation: TCN-2023-NCLAT-00676. The appeal was filed by an ex-director of the Corporate Debtor against the admission order…

- **Court:** NCLAT
- **Order date:** 14 Mar 2023
- **Citation:** TCN-2023-NCLAT-00676
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/radha-prakash-vs-bhadani-financers-pvt-ltd-a1bf2a27

## Summary

### Background

The appeal was filed by an ex-director of the Corporate Debtor against the admission order dated 2022-06-09, passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-V) on an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by the Financial Creditor (Bhadani Financers Pvt. Ltd.).

## Facts

An ex-director of a Corporate Debtor filed an appeal against an order of admission passed by the Adjudicating Authority under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, Bhadani Financers Pvt. Ltd., initiated the insolvency proceedings. During the preliminary hearing, the Appellant expressed readiness to deposit Rs. 1 Crore. The parties later informed the court that a settlement of Rs. 1.21 Crore had been reached, with Rs. 1 Crore already deposited. The Appellant handed over a Demand Draft of Rs. 10 Lakh to the Respondent's counsel and undertook to pay the remaining Rs. 11 Lakh within four weeks. The Respondent requested the court to direct the authority to issue a cheque of Rs. 1 Crore in their favor from the deposited amount. The

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## Issues and analysis

### Issue 1: Whether the appeal filed by the ex-director of the Corporate Debtor against the admission order …

**Ratio:** The court has the power to set aside the impugned order if it finds sufficient grounds to

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**Reasoning:** The court considered the fact that a settlement of Rs. 1.21 Crore had been reached

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**Interpretation:** The court interpreted the circumstances as indicative of a resolution between

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**Application:** Based on the settlement and the undertaking to pay the remaining amount, the

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…
- **Appellants:** Radha Pr…
- **Respondents:** Bhadani Financers…
- **Advocates:** Krishnendu…; Kirit S.…; +3 more

## Timeline

- **2022-06-09 — Admission…**: The Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-V) passed an…
- **2022-07-06 — Preliminary…**: At the time of preliminary hearing, the Appellant submitted that they were ready to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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