# In the matter of Rishav Sanjeev Aggarwal vs. Apollo Pipes Ltd. & Anr.

> NCLAT judgment dated 2023-03-20. Citation: TCN-2023-NCLAT-00664. The appeal was filed against an order dated 15.03.2023, where a Section 7 application by the…

- **Court:** NCLAT
- **Order date:** 20 Mar 2023
- **Citation:** TCN-2023-NCLAT-00664
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rishav-sanjeev-aggarwal-vs-apollo-pipes-ltd-anr-756101e8

## Summary

### Background

The appeal was filed against an order dated 15.03.2023, where a Section 7 application by the Financial Creditor was admitted, and an Interim Resolution Professional (IRP) was appointed. Subsequently, I.A. No. 1135 of 2023 was filed jointly by the Financial Creditor and the Suspended Director of the Corporate Debtor, recording Consent Terms dated 16.03.2023, indicating the Corporate Debtor had settled the matter for Rs. 1.44 Crore through Demand Draft.

## Facts

Rishav Sanjeev Aggarwal filed an appeal against Apollo Pipes Ltd. & Anr. concerning an order dated 15.03.2023. The initial order admitted a Section 7 application filed by the Financial Creditor, leading to the appointment of an Interim Resolution Professional (IRP). Subsequently, the Financial Creditor and the Suspended Director of the Corporate Debtor jointly filed I.A. No. 1135 of 2023, presenting Consent Terms dated 16.03.2023, which indicated that the Corporate Debtor had settled the matter by agreeing to pay Rs. 1.44 Crore. Payments were made through Demand Draft. The Financial Creditor informed the IRP about the settlement and requested that the process not continue, also agreeing to pay Rs. 1 Lakh to the IRP as a fee. This settlement led to the court setting

…

## Issues and analysis

### Issue 1: Whether the settlement between the Financial Creditor and the Corporate Debtor warrants the setting …

**Ratio:** When parties reach a settlement, and the Financial Creditor seeks to withdraw the

…

**Reasoning:** The court reasoned that continuing the insolvency resolution process would serve no

…

**Interpretation:** This reflects the court's interpretation that settlements are favored in

…

**Application:** Given the settlement where the Corporate Debtor agreed to pay Rs. 1.44 Crore,

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Rishav Sanjeev…
- **Respondents:** Apollo Pipe…

## Timeline

- **2023-03-15 — Order Da…**: Order passed admitting Section 7 application by the Financial Creditor and appointing an…
- **2023-03-16 — Consent…**: Consent Terms agreed upon between the Financial Creditor and the Suspended Director of…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/rishav-sanjeev-aggarwal-vs-apollo-pipes-ltd-anr-756101e8