# In the matter of Sandip Malik Vs Watchdata Technologies (India) Pvt. Ltd. & Ors. I.A. No. 1969-2018 in CA(AT)(Insolvency) No. 647-2019

> NCLAT judgment dated 2019-06-25. Citation: TCN-2019-NCLAT-00497. The case involves an appeal against the initiation of the Corporate Insolvency Resolution…

- **Court:** NCLAT
- **Order date:** 25 Jun 2019
- **Citation:** TCN-2019-NCLAT-00497
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sandip-malik-vs-watchdata-technologies-5fbdb402

## Summary

### Background

The case involves an appeal against the initiation of the Corporate Insolvency Resolution Process (CIRP) against Rosmaerta Technologies Ltd. The parties, Sandeep Malik (Director of Rosmaerta Technologies Ltd.) and Watchdata Technologies (India) Pvt. Ltd., reached an amicable settlement. The appellant agreed to pay Rs. 92 Lakhs to the operational creditor, Watchdata Technologies, for full and final discharge of the claim.

## Facts

The key facts are as follows: 1. An appeal was filed against the initiation of Corporate Insolvency Resolution Process (CIRP) against Rosmaerta Technologies Ltd. 2. The appellant, Sandeep Malik, Director of Rosmaerta Technologies Ltd., and the respondent, Watchdata Technologies (India) Pvt. Ltd., reached an amicable settlement. 3. The appellant agreed to pay Rs. 92 Lakhs to the respondent for full and final discharge of the claim. 4. A demand draft for Rs. 92 Lakhs was handed over to the respondent's counsel. 5. The Interim Resolution Professional (IRP) had received their fee and incurred expenditure. 6. The IRP was at the threshold stage, and the Committee of Creditors was yet to be constituted. 7. The court found no legal impediment to entertaining the settlement. 8.

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## Issues and analysis

### Issue 1: Whether the settlement reached between the parties is conscionable and free from any legal …

**Ratio:** The principle of upholding settlements that are conscionable and reached without legal

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**Reasoning:** The court reasoned that there was no legal impediment to entertaining the settlement. The

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**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

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**Application:** The ratio and reasoning are applied to the specific facts of the case. The

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## Parties

- **Judges:** Bansi Lal…
- **Appellants:** Sandeep…
- **Respondents:** Rosmaerta…; Watchdata…

## Timeline

- **2019-06-23 — Settlement Deed…**: Terms of Settlement Deed executed between Mr. Sandeep Malik, Director of ‘Rosmaerta…
- **2019-06-25 — Amicable Set…**: Parties submitted that they have arrived at an amicable settlement and the Terms of…

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