# In the matter of Vishwajeet Subhash Jhavar vs. ICICI Home Finance Company Ltd. & Anr.

> NCLAT judgment dated 2023-08-02. Citation: TCN-2023-NCLAT-00320. This is a Company Appeal (AT) (Insolvency) No.151 of 2023 filed by Vishwajeet Subhash Jhavar…

- **Court:** NCLAT
- **Order date:** 2 Aug 2023
- **Citation:** TCN-2023-NCLAT-00320
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vishwajeet-subhash-jhavar-vs-icici-home-finance-company-ltd-anr-3d095f8e

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) No.151 of 2023 filed by Vishwajeet Subhash Jhavar against the admission of a Section 7 application filed by ICICI Home Finance Company Ltd. The Adjudicating Authority had admitted the application, appointed an IRP, and directed the Financial Creditor to deposit Rs.5 Lakhs towards initial CIRP costs. The appeal was filed and entertained, and an order was passed on 13.02.2023 regarding a settlement between the parties.

## Facts

Vishwajeet Subhash Jhavar filed an appeal against the order dated 24.01.2023, by which the Adjudicating Authority admitted a Section 7 application filed by ICICI Home Finance Company Ltd. The Adjudicating Authority appointed an IRP and directed the Financial Creditor to deposit Rs.5 Lakhs towards initial CIRP costs. During the proceedings, the Appellant submitted that a settlement was entered between the parties on 09.12.2022, with a demand draft of Rs.18.50 crores to be paid. The Respondent initially refuted the settlement. Subsequently, the parties brought on record Consent Terms dated 31.07.2023, indicating a settlement of dues. The IRP submitted that its fee and expenses amounted to Rs.38,57,837/-. The Financial Creditor submitted that the amount of Rs.5 Lakhs, as

…

## Issues and analysis

### Issue 1: Whether the settlement entered into between the parties warrants the setting aside of the impugned …

**Ratio:** When parties enter into a settlement, continuing the CIRP serves no purpose, and the

…

**Reasoning:** The court observed that a settlement had been reached between the parties, and therefore,

…

**Interpretation:** This highlights the importance of settlement between parties in insolvency

…

**Application:** In this case, the settlement between Vishwajeet Subhash Jhavar and ICICI Home

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Vishwajeet…
- **Respondents:** ICICI Home…
- **Advocates:** Abhijeet…; Dhaval Des…; +9 more

## Timeline

- **2023-01-24 — Order Da…**: Order passed by Adjudicating Authority admitting Section 7 application filed by ICICI…
- **2023-02-13 — Tribunal…**: Learned Counsel for the Appellant submits that on 09.12.2022 there was settlement entered…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/vishwajeet-subhash-jhavar-vs-icici-home-finance-company-ltd-anr-3d095f8e