# In the matter of Surender Vasudeva & Anr. Vs. Crown Realtech Pvt. Ltd & Anr. CA(AT) (Insolvency) No. 797-2018]

> NCLAT judgment dated 2019-03-07. Citation: TCN-2019-NCLAT-00737. The appeal was filed by the Directors/Shareholders of Crown Realtech Private Limited…

- **Court:** NCLAT
- **Order date:** 7 Mar 2019
- **Citation:** TCN-2019-NCLAT-00737
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/surender-vasudeva-anr-vs-crown-realtech-pvt-ltd-anr-ca-64faa08a

## Summary

### Background

The appeal was filed by the Directors/Shareholders of Crown Realtech Private Limited ('Corporate Debtor') against the order dated December 3, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi. The Adjudicating Authority admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by Mr. Puneet Kumar Jindal (HUF) through Karta Mr. Puneet Jindal ('Financial Creditor'), passed an order of 'Moratorium', and appointed an 'Interim Resolution Professional'.

## Facts

The Directors/Shareholders of Crown Realtech Private Limited ('Corporate Debtor') filed an appeal against the order of the Adjudicating Authority (NCLT) which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by Mr. Puneet Kumar Jindal ('Financial Creditor'). The Adjudicating Authority had also passed an order of 'Moratorium' and appointed an 'Interim Resolution Professional'. The parties reached a provisional settlement on December 5, 2018, after the hearing but before the impugned order dated December 3, 2018. A sum of Rs. 7 lakh was paid on November 14, 2018, prior to the impugned order. The formal settlement was reached on December 5, 2018, before the constitution of the 'Committee of Creditors'. The 'Committee of Creditors'

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order should be set aside given the settlement between the …

**Ratio:** The Supreme Court's decision in "Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of

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**Reasoning:** The court noted that the parties had reached a settlement before the constitution of the

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**Interpretation:** The interpretation of the Swiss Ribbons case allows for the withdrawal of

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**Application:** Since the settlement occurred before the Committee of Creditors was formed, the

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…
- **Appellants:** Surender Va…
- **Respondents:** Crown Realtech…; CROWN REALTECH…

## Timeline

- **2018-11-14 — Payment of Rs…**: A sum of Rs. 7 lakh was paid…
- **2018-12-03 — Impugned…**: The Adjudicating Authority…

## 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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