# In the matter of Vallabh Dhawan, (suspended Director Of Aashiyana Infrastructure Development Pvt. Ltd.) Vs Aashiyana Infrastructure Development Pvt. Ltd. (through Its Irp) & Ors.

> NCLAT judgment dated 2024-03-04. Citation: TCN-2024-NCLAT-00599. The case involves an appeal against a decision related to an OTS (One-Time Settlement) with a…

- **Court:** NCLAT
- **Order date:** 4 Mar 2024
- **Citation:** TCN-2024-NCLAT-00599
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vallabh-dhawan-suspended-director-of-aashiyana-infrastructure-development-pvt-lt-65a861a0

## Summary

### Background

The case involves an appeal against a decision related to an OTS (One-Time Settlement) with a Corporate Debtor. The appellant was ready to deposit the amount to an assignee, but it was not accepted. The appellant was informed that the amount could not be deposited by the assignee one day before the last date of payment. The appellant filed an application before the DRT (Debt Recovery Tribunal), which directed the appellant to deposit the OTS amount along with interest. However, the bank refused to accept the payment. The appellant claims readiness to deposit the entire amount under the OTS with up-to-date interest as directed by the DRT.

## Facts

The Appellant, Vallabh Dhawan, a Suspended Director of M/s. Aashiyana Infrastructure Development Pvt. Ltd., filed an appeal against Aashiyana Infrastructure Development Pvt. Ltd. regarding an OTS. The Appellant was prepared to deposit the OTS amount to an assignee, but the bank refused to accept it. The DRT had directed the Appellant to deposit the OTS amount with interest. The bank refused to accept the payment. The Appellant is ready to deposit the entire amount under the OTS along with up-to-date interest as directed by the DRT. The Adjudicating Authority passed an order on 27.02.2024 under Section 7.

## Issues and analysis

### Issue 1: Whether the Appellant should be allowed to …

**Ratio:** The principle of compliance with judicial orders and facilitating settlement agreements

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**Reasoning:** The court considered the Appellant's submission that they were ready to deposit the

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**Interpretation:** The court interpreted the situation as one where the Appellant was willing to

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**Application:** The court applied the principle by directing the Appellant to deposit the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Vallabh D…
- **Respondents:** Aashiyana…

## Timeline

- **2022-01-19 — OTS Agre…**: Bank entered into an OTS…
- **2023-05-06 — DRT Orde…**: DRT directed the Appellant to deposit…

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