# In the matter of Sudhir Agarwal Vs. CHD Developers Ltd. & Anr. Company Appeal (AT) (insolvency) No. 114 of 2021

> NCLAT judgment dated 2021-02-15. Citation: TCN-2021-NCLAT-00365. The appeal was filed against the admission of an application under Section 9 of the…

- **Court:** NCLAT
- **Order date:** 15 Feb 2021
- **Citation:** TCN-2021-NCLAT-00365
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sudhir-agarwal-vs-chd-developers-ltd-anr-company-appeal-ad6e5cf3

## Summary

### Background

The appeal was filed against the admission of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench Court I, vide impugned order dated 5th February, 2021. A Special Leave Petition (SLP) was pending against the dismissal of an appeal related to an Arbitral Award before the Supreme Court, and an Execution Petition was also pending concerning the same Arbitral Award. The application was also argued to be hit by limitation.

## Facts

Sudhir Agarwal filed an appeal against the admission of an application by CHD Developers Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (NCLT Ahmedabad) had admitted the application via an order dated February 5, 2021. A Special Leave Petition (SLP) concerning an arbitral award was pending before the Supreme Court, and an execution petition related to the same award was also pending. The appellant argued that the application was barred by limitation. During the proceedings, the appellant's counsel submitted that the claim of the Operational Creditor (CHD Developers Ltd.) had been settled, and the terms were reduced to writing. The respondent's counsel confirmed the settlement, stating that the default amount had been

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## Issues and analysis

### Issue 1: Whether the appeal against the admission of the application under Section 9 of the Insolvency and …

**Ratio:** When the Operational Creditor has accepted the amount offered in terms of the settlement

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**Reasoning:** The court considered the submissions of both the appellant's and respondent's counsel, as

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**Interpretation:** This legal principle allows for the disposal of an appeal when a settlement has

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**Application:** In this case, the Operational Creditor (Respondent No. 1) accepted the amount

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## Parties

- **Judges:** Bansi Lal…; Ashok Kumar…
- **Appellants:** Sudhir Ag…
- **Respondents:** CHD Developers…

## Timeline

- **2021-02-05 — Impugned…**: The Adjudicating Authority (NCLT Ahmedabad) passed an order admitting the application…
- **2021-02-15 — I.A. No. 265…**: I.A. No. 265 of 2021 is disposed of with direction to file certified copy of the impugned…

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