# In the matter of Vijay Nath Pandey Vs Aprn Enterprises Pvt. Ltd. & Anr.

> NCLAT judgment dated 2024-03-22. Citation: TCN-2024-NCLAT-00562. The document refers to three Company Appeals (AT) (Insolvency) numbered 1150, 1151, and 1170,…

- **Court:** NCLAT
- **Order date:** 22 Mar 2024
- **Citation:** TCN-2024-NCLAT-00562
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vijay-nath-pandey-vs-aprn-enterprises-pvt-ltd-anr-ef0245ea

## Summary

### Background

The document refers to three Company Appeals (AT) (Insolvency) numbered 1150, 1151, and 1170, all of 2023. Appeal 1170 was filed by the Suspended Director of the Corporate Debtor challenging an order dated 30.08.2023, which admitted a Section 7 application. Appeals 1150 and 1151 were filed by Corporate Guarantors of the Corporate Debtor. An IA No.2153 of 2024 was filed in Appeal 1170, bringing on record a Settlement Agreement dated 08.11.2023 and a No-Dues Certificate dated 07.03.2024 issued by the Financial Creditor.

## Facts

Company Appeal (AT) (Insolvency) No. 1170 of 2023 was filed by the Suspended Director of the Corporate Debtor, challenging an order dated 30.08.2023, which admitted a Section 7 application. Company Appeal (AT) (Insolvency) Nos. 1150 and 1151 of 2023 were filed by Corporate Guarantors of the Corporate Debtor. An IA No. 2153 of 2024 was filed in Company Appeal (AT) (Insolvency) No. 1170 of 2023, bringing on record a Settlement Agreement dated 08.11.2023 and a No-Dues Certificate dated 07.03.2024 issued by the Financial Creditor. The Counsel for the Financial Creditor stated that the entire payment had been made. The Counsel for the IRP stated that the IRP is entitled to fees and expenses, as contemplated in the Settlement Agreement. The Appellants sought liberty to

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## Issues and analysis

### Issue 1: Whether the Settlement Agreement should be accepted and the impugned order set aside in Company …

**Ratio:** The acceptance of a settlement agreement is a valid ground for disposing of a company

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**Reasoning:** The court reasoned that since the Settlement Agreement was brought on record and the

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**Interpretation:** This interprets that settlement agreements are encouraged and given due

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**Application:** The court applied this principle by accepting the Settlement Agreement and

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Sahara Prime City…
- **Respondents:** Piramal Capital…
- **Advocates:** Devanshu…; Gautam Aw…; +6 more

## Timeline

- **2023-08-30 — Impugned Ord…**: Date of the order challenged in Company Appeal (AT) (Insolvency) No. 1170 of 2023, which…
- **2023-11-08 — Settlement Agreement…**: Date of the Settlement Agreement…

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