# In the matter of Smt. Kandala Vijaya Vs Shri. Khabhmmettu Sri Vamsi, Interim Resolution Professional

> NCLAT judgment dated 2024-10-01. Citation: TCN-2024-NCLAT-00168. This Company Appeal challenges the order dated 08.03.2023 of the NCLT, Hyderabad bench, which…

- **Court:** NCLAT
- **Order date:** 1 Oct 2024
- **Citation:** TCN-2024-NCLAT-00168
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/smt-kandala-vijaya-vs-shri-khabhmmettu-sri-vamsi-interim-resolution-professional-94f077fe

## Summary

### Background

This Company Appeal challenges the order dated 08.03.2023 of the NCLT, Hyderabad bench, which allowed a Section 7 application and admitted the corporate debtor under the CIRP Proceedings. The parties had previously stated that a settlement was likely. The counsel for the appellant submitted a memo of settlement detailing the settlement between the appellant and the respondent (financial creditor).

## Facts

Smt. Kandala Vijaya, Director of Suspended Board of Directors of Deepika Infratech Private Limited, filed a Company Appeal challenging the order dated 08.03.2023 of the NCLT, Hyderabad bench, which allowed a Section 7 application and admitted Deepika Infratech Private Limited under the CIRP Proceedings. Shri. Khabhmmettu Sri Vamsi, Interim Resolution Professional of M/s Deepika Infrastructure Private Limited, and SREI Equipment Finance Limited were the respondents. The parties reached a settlement, and the appellant filed a memo of settlement in IA No. 912/2024. The settlement was arrived at between the appellant and Respondent (Financial Creditor) and between him and M/s SREI Equipment finance Limited/ Respondent No.2 on 01.06.2024 and between him and M/s Alchemist

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## Issues and analysis

### Issue 1: Whether the Company Appeal should be closed based …

**Ratio:** When parties to a legal proceeding reach a settlement and the terms are not denied, the

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**Reasoning:** The court notes that the appellant and the respondents have reached a settlement, and the

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**Interpretation:** This legal issue involves the interpretation of the court's power to close

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**Application:** In this case, the appellant and the respondents have reached a settlement, and

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Kandala V…
- **Respondents:** Deepika Infratech…; Shri. Khabhmmettu…

## Timeline

- **2023-03-08 — Order of NCLT,…**: NCLT, Hyderabad bench allowed a Section 7 application and admitted the corporate debtor…
- **2024-09-11 — Previous order of the…**: Reference to the same finds place in the order…

## 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)

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