# In the matter of Shravan Infras Pvt. Ltd. IBA-1455-2019

> NCLT judgment dated 2021-07-16. Citation: TCN-2021-NCLT-01699. The case involves an application under the Insolvency and Bankruptcy Code (IBC). A compromise…

- **Court:** NCLT
- **Order date:** 16 Jul 2021
- **Citation:** TCN-2021-NCLT-01699
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shravan-infras-pvt-ltd-iba-1455-2019-876512a2

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). A compromise proposal was reached between the parties, and a partial payment of Rs. 52 lakh was made. However, the applicant (Easyaccess Financial Services Pvt Ltd) appeared uninterested in continuing the case and repeatedly sought adjournments to discuss compromise. The Adjudicating Authority noted that the IBC process was being used for loan recovery. The applicant's counsel had been seeking adjournments since 2019, citing settlement proposals. The matter was adjourned multiple times, including hearings on 06.11.2020, 18.12.2020, and 29.01.2021, with no representation from both parties on some occasions. A compromise memo was filed in the Registry on 19.03.2021.

## Facts

Easyaccess Financial Services Pvt Ltd filed an application (IBA/1455/2019) under Section 7 Rule 4 of the IBC, 2016 against Sharavan Infras Pvt Ltd. A compromise proposal was reached between the parties, with Rs. 52 lakh paid towards the due amount. Easyaccess Financial Services Pvt Ltd repeatedly sought adjournments, citing ongoing settlement talks. The Adjudicating Authority noted that the IBC process was being used for loan recovery. Hearings were held on 06.11.2020, 18.12.2020, and 29.01.2021, with inconsistent representation from both parties. A compromise memo was filed in the Registry on 19.03.2021. The applicant's lack of interest in prosecuting the case led to its dismissal.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in dismissing the application IBA/1455/2019 as …

**Ratio:** The Adjudicating Authority has the discretion to dismiss an application if the applicant

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**Reasoning:** The court observed that the applicant repeatedly sought adjournments under the pretext of

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**Interpretation:** The Adjudicating Authority's interpretation of the applicant's conduct suggests

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**Application:** Given the applicant's repeated requests for adjournments and the court's

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** Easyaccess…
- **Respondents:** Sharavan Infras…

## Timeline

- **2021-07-16 — Hearing…**: Hearing held on 16-07-2021 at 2.30…
- **2021-04-23 — Order Da…**: Order dated 23.04.2021 recorded the compromise proposal and partial payment of Rs. 52…

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