# In the matter of Saurabh Kumar Pandey vs. Haji Abdul Hai & Ors. Company Appeal (AT) (Insolvency) No. 1430 of 2022

> NCLAT judgment dated 2022-12-05. Citation: TCN-2022-NCLAT-00056. The appeal was filed against the order dated November 16, 2022, by which the Adjudicating…

- **Court:** NCLAT
- **Order date:** 5 Dec 2022
- **Citation:** TCN-2022-NCLAT-00056
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/saurabh-kumar-pandey-vs-haji-abdul-hai-ors-company-appeal-d6e0c704

## Summary

### Background

The appeal was filed against the order dated November 16, 2022, by which the Adjudicating Authority admitted Section 7 application under IBC, 2016 filed by the Respondents-Financial Creditors. An I.A. No. 4611 of 2022 was filed by the Appellant bringing on record the Settlement Agreement dated November 25, 2022, between the Appellant and Financial Creditors.

## Facts

Saurabh Kumar Pandey filed an appeal against an order dated November 16, 2022, by which the Adjudicating Authority admitted a Section 7 application under the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by the Respondents-Financial Creditors. During the proceedings, the Appellant filed I.A. No. 4611 of 2022, bringing on record a Settlement Agreement dated November 25, 2022, between the Appellant and the Financial Creditors. The Financial Creditors' counsel indicated they had reached a settlement and requested the appeal be disposed of accordingly. The IRP's counsel requested that the IRP's expenses and fees be paid. The court then allowed I.A. No. 4611 of 2022, took the settlement on record, and set aside the order dated November 16, 2022. The

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## Issues and analysis

### Issue 1: Whether the settlement agreement between the Appellant and the Financial Creditors warrants the …

**Ratio:** A settlement agreement between parties in a legal dispute can form the basis for the

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**Reasoning:** The court considered the submission of the learned counsel for the Financial Creditors,

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**Interpretation:** This reflects the principle that courts generally favor settlements as a means

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**Application:** In this case, the court applied the ratio by accepting the settlement agreement

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…; +1 more
- **Appellants:** Saurabh Kumar…
- **Respondents:** Haji Abdul Hai &…
- **Advocates:** Ashish Cho…; Anand K…; +2 more

## Timeline

- **2022-11-16 — Order by Adjudicating…**: The Adjudicating Authority admitted Section 7 Application under IBC, 2016 filed by the…
- **2022-11-25 — Settlement Ag…**: Settlement Agreement dated 25th November, 2022 between the Appellant and Financial…

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