# In the matter of Rishabh Singhvi vs. OPJK Paper Company & Anr.

> NCLAT judgment dated 2023-11-09. Citation: TCN-2023-NCLAT-00082. The case involves an appeal against an order passed by the Adjudicating Authority admitting a…

- **Court:** NCLAT
- **Order date:** 9 Nov 2023
- **Citation:** TCN-2023-NCLAT-00082
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rishabh-singhvi-vs-opjk-paper-company-anr-512ea47a

## Summary

### Background

The case involves an appeal against an order passed by the Adjudicating Authority admitting a Section 9 application filed by the Operational Creditor. The Appellant had offered to deposit a principal amount of Rs. 89,15,441 before the Registrar, which they did. The Appellant also offered to pay reasonable interest to the Operational Creditor.

## Facts

The Operational Creditor filed a Section 9 application, which was admitted by the Adjudicating Authority. The Appellant appealed this decision. The Appellant offered to deposit Rs. 89,15,441 as the principal amount, which was accepted and deposited. The Appellant also offered to pay reasonable interest. Subsequently, both parties agreed that the Appellant would pay Rs. 14 Lakhs to the Respondent (Operational Creditor) towards interest and Rs. 2 Lakhs to the IRP. The court then ordered the release of the initially deposited amount to the Operational Creditor and closed the CIRP.

## Issues and analysis

### Issue 1: Whether the CIRP should be continued given the agreement between the parties regarding the payment …

**Ratio:** When parties reach an agreement that resolves the underlying dispute and addresses the

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**Reasoning:** The court reasoned that since the parties had agreed on the payment of interest and IRP

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**Interpretation:** This interpretation suggests that CIRP is primarily a mechanism for resolving

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**Application:** In this specific case, the agreement between the Appellant and Respondent

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Rishabh S…
- **Respondents:** OPJK Paper…
- **Advocates:** Swapnil…; Abhinav M…; +4 more

## Timeline

- **2023-08-09 — Order Pa…**: Order was passed in this Appeal where Appellant offered to deposit the Principal amount…
- **2023-11-09 — Hearing and A…**: Court heard the counsel for the parties. Both parties agreed to an amount of Rs.14 Lakhs…

## 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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