# In the matter of SRS Real Infrastructure Limited CA No.84-2019 In CP (IB) No. 158-Chd-Hry-2018

> NCLT judgment dated 2019-02-13. Citation: TCN-2019-NCLT-04869. The case originates from CP (IB) No.158/Chd/Hry/2018 under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Feb 2019
- **Citation:** TCN-2019-NCLT-04869
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srs-real-infrastructure-limited-ca-no84-2019-in-cp-ib-no-158-chd-hry-2018-2dc6d7ae

## Summary

### Background

The case originates from CP (IB) No.158/Chd/Hry/2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Dharmender Sharma, Proprietor of ADP Interiors and Contractors, against SRS Real Infrastructure Limited. The Tribunal admitted the petition on 10.01.2019 and declared a moratorium under Section 14(1) of the Code, appointing an Interim Resolution Professional. Subsequently, an application was filed by the Resolution Professional under Section 19(2) of the Code seeking directions for the respondents to provide information. The National Company Law Appellate Tribunal (NCLAT) passed an order on 12.02.2019 in Company Appeal (AT) (Insolvency) No.94 & 95 of 2019, filed by a shareholder of the corporate debtor, based on a settlement reached between

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## Facts

Mr. Dharmender Sharma, operating as ADP Interiors and Contractors, initiated insolvency proceedings against SRS Real Infrastructure Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLT admitted the petition on January 10, 2019, and imposed a moratorium. An Interim Resolution Professional (IRP), Mr. Sandeep Chandna, was appointed on January 21, 2019. The IRP filed an application under Section 19(2) seeking directions for information. A settlement was reached between the parties, and the NCLAT issued an order on February 12, 2019, based on a Company Appeal filed by a shareholder of SRS Real Infrastructure Limited, stating that the operational creditor had received the amount due. Consequently, the applicants requested the withdrawal of the

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## Issues and analysis

### Issue 1: Whether the settlement reached between the operational creditor and the corporate debtor warrants …

**Ratio:** A settlement between parties in an insolvency proceeding can form the basis for

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**Reasoning:** The Tribunal considered the settlement reached between the parties and the fact that the

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**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code allows for

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**Application:** In this case, the settlement was reached, and the operational creditor

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Dharmender…
- **Respondents:** SRS Real Infrastru…

## Timeline

- **2018-01-01 — Filing of CP (IB)…**: CP (IB) No.158/Chd/Hry/2…
- **2019-01-10 — Admission of…**: The Tribunal admitted CP…

## 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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