# In the matter of Rakesh Kumar Jain vs. ADTV Communications Private Limited

> NCLAT judgment dated 2024-12-18. Citation: TCN-2024-NCLAT-00719. The appeal was filed by Rakesh Kumar Jain against the order dated 24.04.2023 passed by the…

- **Court:** NCLAT
- **Order date:** 18 Dec 2024
- **Citation:** TCN-2024-NCLAT-00719
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rakesh-kumar-jain-vs-adtv-communications-private-limited-65da8121

## Summary

### Background

The appeal was filed by Rakesh Kumar Jain against the order dated 24.04.2023 passed by the Adjudicating Authority (National Company Law Tribunal-III, New Delhi) in CP (IB) No. 3083/ND/2019, which dismissed the petition for initiating CIRP against ADTV Communications Private Limited. The appellant claimed to be a financial creditor based on a decree obtained from the Delhi High Court.

## Facts

Rakesh Kumar Jain filed an appeal against the order of the NCLT dismissing his petition to initiate CIRP against ADTV Communications Private Limited.

The appellant claimed to be a financial creditor based on a decree obtained from the Delhi High Court.

The respondent argued that the appellant was not a financial creditor and that the petition was barred by limitation.

The disputes between the parties were referred to mediation, resulting in a Settlement Agreement dated 11.09.2014.

The Respondent agreed to pay the Appellant an amount of ₹15,23,00,000/- in four separate installments through cheques issued for different dates.

A decree based on this Settlement Agreement was passed by the Hon'ble Delhi High Court in CS(OS) No. 2183/2013.

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## Issues and analysis

### Issue 1: Whether the Appellant, as a Decree Holder, …

**Ratio:** A Decree Holder falls within the purview of a 'Financial Creditor' under the IBC if the

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**Reasoning:** The tribunal relied on the Supreme Court's judgment in Dena Bank (now Bank of Baroda) vs.

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**Interpretation:** A decree obtained based on a financial debt does not lose its character as a

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**Application:** In this case, the decree obtained by the Appellant was based on a settlement

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## Parties

- **Judges:** Yogesh K…; Arun Ba…
- **Appellants:** Rakesh Kuma…
- **Respondents:** ADTV Communication…; AEZ Infratech…
- **Other parties:** Sanjeev J.…
- **Advocates:** Sunil D…; Tarun D…; +5 more

## Timeline

- **2023-04-24 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal-III, New Delhi) passed an order…
- **2024-12-17 — Order by Appellate…**: The Appellate Tribunal allowed the appeal, set aside the impugned order, admitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(10) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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