# 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-04862. 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-04862
- **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-2018-6fb3240a

## Summary

### Background

The case originates from CP (IB) No.158/Chd/Hry/2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the petition on 2019-01-10 and declared a moratorium under Section 14(1) of the Code. An Interim Resolution Professional was appointed on 2019-01-21. The Resolution Professional filed an application under Section 19(2) of the Code, seeking directions for the respondents to provide information necessary for discharging his duties. The National Company Law Appellate Tribunal (NCLAT) passed an order on 2019-02-12 in Company Appeal (AT) (Insolvency) No.94 & 95 of 2019, filed by a shareholder of the corporate debtor, against the Tribunal's order of 2019-01-10. This NCLAT order was based on a settlement reached between the parties, where

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## Facts

Mr. Dharmender Sharma, proprietor of ADP Interiors and Contractors, filed CP (IB) No.158/Chd/Hry/2018 against SRS Real Infrastructure Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, as an operational creditor. The Tribunal admitted the petition on 2019-01-10, declaring a moratorium and appointing an Interim Resolution Professional (Mr. Sandeep Chandna). Subsequently, a settlement was reached between ADP Interiors and SRS Real Infrastructure Limited, with the operational creditor receiving the due amount. A shareholder of SRS Real Infrastructure Limited filed Company Appeal (AT) (Insolvency) No.94 & 95 of 2019 before the NCLAT against the Tribunal's order. The NCLAT passed an order on 2019-02-12 based on the settlement. Consequently, the

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 should be …

**Ratio:** The legal principle applied is that settlements reached between parties in insolvency

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**Reasoning:** The Tribunal reasoned that the settlement between the parties, where the operational

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**Interpretation:** This interpretation acknowledges the importance of facilitating settlements in

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**Application:** In this specific case, the settlement between ADP Interiors and SRS Real

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## Parties

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

## Timeline

- **2018-01-01 — CP (IB)…**: CP (IB) No.158/Chd/Hry/2…
- **2019-01-10 — Petition Ad…**: 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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