# In the matter of Vasundhara Nirman Unnayan Pvt. Ltd. CA(IB) No. 1500-KB-2019 in CP(IB)No. 1679-KB-2018

> NCLT judgment dated 2020-11-13. Citation: TCN-2020-NCLT-00254. The case involves an application CA(IB) No. 1500/KB/2019 filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 13 Nov 2020
- **Citation:** TCN-2020-NCLT-00254
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vasundhara-nirman-unnayan-pvt-ltd-caib-no-1500-kb-2019-in-cpibno-1679-kb-2018-be8a57b2

## Summary

### Background

The case involves an application CA(IB) No. 1500/KB/2019 filed by the Resolution Professional under Section 11 of the NCLT Rules for recording the settlement between the Financial Creditor and the Corporate Debtor, enabling the Operational Creditor to withdraw the matter. The matter was settled out of the Tribunal, and the agreement was reduced to writing by the parties.

## Facts

Shri Avishek Paul Cowdhury & Ors. filed a case against Vasundhara Nirman Unnayan Pvt. Ltd. An application CA(IB) No. 1500/KB/2019 was filed by the Resolution Professional under Section 11 of the NCLT Rules to record a settlement between the Financial Creditor and the Corporate Debtor. The settlement allowed the Operational Creditor to withdraw the matter. The Tribunal was satisfied that the matter had been settled out of court and reduced to a written agreement. Aditya Kumar Tibrewal, the Interim Resolution Professional, and CS Durgesh Jha, representing the Corporate Debtor, appeared before the court.

## Issues and analysis

### Issue 1: Whether the application CA(IB) No. 1500/KB/2019 filed by the Resolution Professional under Section …

**Ratio:** When parties reach a settlement outside of the Tribunal and formalize it in writing,

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**Reasoning:** The court reasoned that since the parties had already settled the matter outside the

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**Interpretation:** This interpretation emphasizes the importance of recognizing and respecting

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**Application:** In this case, the settlement between the Financial Creditor and the Corporate

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## Parties

- **Judges:** Jinan…
- **Appellants:** Avishek Paul…
- **Respondents:** Vasundhara Nirman…

## Timeline

- **2019-11-13 — Hearing…**: Hearing held on 13th…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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