# In the matter of Susheel Jain vs. Jyoti Strips Pvt. Ltd. & Anr. Company Appeal (AT) (Insolvency) No.1505 of 2022

> NCLAT judgment dated 2022-12-15. Citation: TCN-2022-NCLAT-00027. The appeal was filed against the order dated 2022-11-25 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 15 Dec 2022
- **Citation:** TCN-2022-NCLAT-00027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/susheel-jain-vs-jyoti-strips-pvt-ltd-anr-company-appeal-170b8268

## Summary

### Background

The appeal was filed against the order dated 2022-11-25 passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, which admitted an application under Section 9 filed by the Operational Creditor. An I.A. was filed in Company Appeal (AT) (Ins.) No. 1505 of 2022, bringing on record the Settlement Agreement dated 2022-12-12 entered between the parties.

## Facts

The case involves an appeal against an order by the NCLT Chandigarh that admitted an application under Section 9 of the IBC filed by an Operational Creditor. During the appeal process, the parties entered into a settlement agreement dated 2022-12-12. The appellant's counsel and the Resolution Professional confirmed that the settlement had been reached and that the dues had been cleared. The key fact is the existence and acceptance of the settlement agreement, which led to the disposal of the appeal and the release of the Corporate Debtor from the Corporate Insolvency Resolution Process (CIRP).

## Issues and analysis

### Issue 1: Whether the settlement agreement entered into between the parties should be taken on record and the …

**Ratio:** The court has the power to take settlement agreements on record and dispose of appeals

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**Reasoning:** The court considered the submissions of the appellant's counsel and the Resolution

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**Interpretation:** This reflects the court's willingness to promote settlements and amicable

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**Application:** The court applied this principle by taking the settlement agreement dated

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## Parties

- **Judges:** Ashok Bh…; KanthiNar…; +1 more
- **Appellants:** Susheel…
- **Respondents:** Jyoti Strips Pvt.…
- **Advocates:** Saurabh…; Mdhav…; +3 more

## Timeline

- **2022-11-25 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh,…
- **2022-12-12 — Settlement Ag…**: A Settlement Agreement was…

## 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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