# In the matter of Asian Hotels (North) Ltd. IB-1052(ND)-2020

> NCLT judgment dated 2021-10-21. Citation: TCN-2021-NCLT-00722. The case involves M/s. Citron Straegies Pvt. Ltd. as the petitioner (financial creditor) and…

- **Court:** NCLT
- **Order date:** 21 Oct 2021
- **Citation:** TCN-2021-NCLT-00722
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asian-hotels-north-ltd-ib-1052nd-2020-a80a1e58

## Summary

### Background

The case involves M/s. Citron Straegies Pvt. Ltd. as the petitioner (financial creditor) and M/s. Asian Hotels (North) Ltd. as the respondent (corporate debtor). The petitioner filed an application under Section 7 of the IBC. The matter was listed as Item No. 611 in IB-1052(ND)/2020 before the National Company Law Tribunal (NCLT), New Delhi.

## Facts

M/s. Citron Straegies Pvt. Ltd., the financial creditor, initiated insolvency proceedings against M/s. Asian Hotels (North) Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). An application, IA No. 4681/2021, was filed by the financial creditor under Rule 8 of the IB (Application to Adjudicating to Authority) Rules, 2016. During the proceedings, both parties informed the court that they had reached a settlement. The corporate debtor paid Rs. 1 crore 11 lakhs to the financial creditor as full and final settlement. The money receipt dated 21.08.2021 and the addendum dated 07.09.2021 were submitted as proof of settlement.

## Issues and analysis

### Issue 1: Whether the settlement between the Financial Creditor and the Corporate Debtor warrants the …

**Ratio:** Rule 8 of the IB (Application to Adjudicating Authority) Rules, 2016 allows for the

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**Reasoning:** The court considered the submissions of both counsels, who confirmed that a settlement

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**Interpretation:** Rule 8 of the IB (Application to Adjudicating Authority) Rules, 2016 provides a

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**Application:** Since the parties had settled the matter and the Corporate Debtor had made a

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** M/s. Citron…
- **Respondents:** M/s. Asian Hotels…

## Timeline

- **2021-08-21 — Money Recei…**: A copy of the money receipt dated…
- **2021-09-07 — Addendum…**: A copy of the Addendum dated 07.09.2021 to the money receipt dated 21.08.2021 is annexed…

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