# In the matter of Sujeet Suresh Shah Vs. Savino Del Bone Freight Forwarders India Pvt. Ltd. Company Appeal (AT) (Insolvency) No. 1051 of 2019

> NCLAT judgment dated 2020-01-02. Citation: TCN-2020-NCLAT-00612. Savino Del Bene Freight Forwarders India Pvt. Ltd. (Operational Creditor) filed an…

- **Court:** NCLAT
- **Order date:** 2 Jan 2020
- **Citation:** TCN-2020-NCLAT-00612
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sujeet-suresh-shah-vs-savino-del-bone-freight-forwarders-india-pvt-ltd-company-a-5c9ae026

## Summary

### Background

Savino Del Bene Freight Forwarders India Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Olive Tree Trading Private Limited (Corporate Debtor) by an order dated September 17, 2019. The appellant, a shareholder of the Corporate Debtor, agreed to pay the default amount and settle the matter, as the Committee of Creditors had not yet been constituted.

## Facts

Savino Del Bene Freight Forwarders India Pvt. Ltd. (Operational Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Olive Tree Trading Private Limited (Corporate Debtor) by filing an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application on September 17, 2019. Sujeet Suresh Shah, a shareholder of the Corporate Debtor, filed an appeal against the initiation of CIRP. During the appeal proceedings, the Appellant agreed to pay the default amount to settle the matter. The Committee of Creditors had not been constituted at the time of the settlement. The Appellant made an undertaking to pay Rs.5,06,051/- by December 31, 2019,

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## Issues and analysis

### Issue 1: Whether the order of admission of the application under Section 9 of the Insolvency and Bankruptcy …

**Ratio:** Rule 11 of NCLAT Rules, 2016 confers the power to set aside an order of admission when

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**Reasoning:** The court considered the fact that the parties had reached a settlement and the appellant

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**Interpretation:** Rule 11 of NCLAT Rules allows the tribunal to exercise its power to set aside

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**Application:** In this case, the appellant's undertaking to pay the outstanding dues and the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Sujeet Sure…
- **Respondents:** Olive Tree…; Savino Del Bene…

## Timeline

- **2019-09-17 — Initiation…**: The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, initiated…
- **2019-12-20 — Appellant's A…**: Appellant in its affidavit dated 20th December, 2019 has made the following statement and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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