# In the matter of Vishal Gupta Vs. Aanav Construction Co. & Anr. CA(AT)(Ins) No. 1016 of 2019

> NCLAT judgment dated 2020-01-02. Citation: TCN-2020-NCLAT-00608. The case involves a Company Appeal (AT) (Insolvency) No. 1016 of 2019 before the National…

- **Court:** NCLAT
- **Order date:** 2 Jan 2020
- **Citation:** TCN-2020-NCLAT-00608
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vishal-gupta-vs-aanav-construction-co-anr-ca-bd437455

## Summary

### Background

The case involves a Company Appeal (AT) (Insolvency) No. 1016 of 2019 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appellant, Vishal Gupta, and the respondent, Aanav Construction Co. & Anr., have purportedly settled the matter. However, the court is considering the interests of other financial and operational creditors before passing a final order.

## Facts

Vishal Gupta filed a Company Appeal (AT) (Insolvency) No. 1016 of 2019 against Aanav Construction Co. & Anr. The appellant's counsel stated that the appellant had settled the matter with the first respondent, Aanav Construction Co., which is an operational creditor. However, other financial and operational creditors intend to intervene. The court acknowledged the settlement but emphasized the need to address the concerns of the intervening creditors before passing any final order. An interim order of stay was vacated, and the Interim Resolution Professional was directed to proceed according to law. The case was posted for orders on January 22, 2020. The relevance of these facts lies in the court's consideration of the broader impact of insolvency proceedings on all

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## Issues and analysis

### Issue 1: Whether the settlement between the Appellant and the 1st Respondent can be approved without …

**Ratio:** The principle of ensuring fair and equitable treatment of all creditors in insolvency

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**Reasoning:** The court reasoned that a settlement between the appellant and the first respondent might

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**Interpretation:** This issue highlights the interpretation of insolvency law, emphasizing the

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**Application:** The court applied this principle by directing the appellant to settle the issue

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Vishal…
- **Respondents:** Aanav Construction…

## Timeline

- **2020-01-02 — Intervention…**: Mr. Saurabh Kalia, Advocate, requested intervention on behalf of an Operational Creditor…
- **2020-01-22 — Case Listed fo…**: The court posted the appeal for…

## 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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