# In the matter of Sameer Vishnu Parab Vs.
Gatik Conglomerate Pvt. Ltd. & Anr. Company Appeal(AT) (Insolvency) No. 931 of 2022

> NCLAT judgment dated 2022-08-05. Citation: TCN-2022-NCLAT-00297. The appeal was filed against the order dated 2022-07-11 passed by NCLT Mumbai, Court-III,…

- **Court:** NCLAT
- **Order date:** 5 Aug 2022
- **Citation:** TCN-2022-NCLAT-00297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sameer-vishnu-parab-vs-gatik-conglomerate-pvt-ltd-anr-company-appeal-3ab91f51

## Summary

### Background

The appeal was filed against the order dated 2022-07-11 passed by NCLT Mumbai, Court-III, which admitted the application filed under Section 7 of IBC. An Interlocutory Application No. 2632 of 2022 was filed by the Appellant, duly signed by the Financial Creditor, where the parties brought on record a settlement of Consent Term dated 2022-08-02.

## Facts

The appeal was filed against an order by NCLT Mumbai that admitted an application under Section 7 of the IBC. The parties reached a settlement, documented in a Consent Term dated 2022-08-02. The Financial Creditor sought to withdraw the application based on the Consent Term. The Appellant's counsel stated the appellant is ready to pay Rs. 1.5 lakhs to the IRP. The IRP's counsel was present and agreed with the amount.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be permitted to withdraw the application based on the Consent …

**Ratio:** When parties reach a settlement and agree to abide by the terms of the settlement, the

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**Reasoning:** The court considered the Consent Term submitted by both parties and acknowledged their

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**Interpretation:** This reflects the principle that courts generally respect and enforce

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**Application:** The court applied this principle by allowing the Financial Creditor to withdraw

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Sameer Vishnu…
- **Respondents:** Gatik Conglomerate…

## Timeline

- **2022-07-11 — Order by NCLT…**: NCLT Mumbai, Court-III, passed an order admitting the application filed under Section 7…
- **2022-08-02 — Consent…**: Parties brought on record…

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