# In the matter of Siddharth Gupta Vs. Isinox Ltd.

> NCLAT judgment dated 2024-08-09. Citation: TCN-2024-NCLAT-00269. The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT). The…

- **Court:** NCLAT
- **Order date:** 9 Aug 2024
- **Citation:** TCN-2024-NCLAT-00269
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/siddharth-gupta-vs-isinox-ltd-02023ba4

## Summary

### Background

The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT). The appellant's counsel stated that the parties had entered into consent terms dated 2023-10-30, but the money could not be paid because approval from the Reserve Bank of India was required to remit the money overseas. The appellant is ready to deposit the entire amount as per the consent terms in the Court.

## Facts

The appellant, Siddharth Gupta, filed an appeal before the NCLAT. The appellant's counsel submitted that the parties had agreed to consent terms on 2023-10-30, but payment was delayed due to the need for Reserve Bank of India approval for overseas remittance. To demonstrate bonafide, the appellant offered to deposit the entire amount as per the consent terms. The total amount to be deposited is Rs. 1,59,23,680. The appellant is ready to deposit Rs. 45 Lacs immediately via demand draft. The remaining amount is to be deposited within 30 days.

## Issues and analysis

### Issue 1: Whether the appellant should be granted time to deposit the amount as per the consent terms, …

**Ratio:** The principle of equity and fairness dictates that parties should be given reasonable

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**Reasoning:** The court acknowledges the appellant's submission that the delay in payment was due to

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**Interpretation:** The court interprets the circumstances to determine if the delay was justified

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**Application:** Given the appellant's explanation and willingness to deposit a portion of the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Siddharth…
- **Respondents:** Isinox…
- **Advocates:** Krishnendu…; Alina Merin…; +4 more

## Timeline

- **2023-10-30 — Consent…**: Parties entered into…
- **2024-08-09 — Order Da…**: Court directs appellant to deposit Rs. 45 Lacs immediately and the remaining amount…

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