# In the matter of Alps Motor Finance Limited

> NCLT judgment dated 2024-04-16. Citation: TCN-2024-NCLT-01725. The case involves Globe Fincap Limited as the applicant/petitioner and Alps Motor Finance…

- **Court:** NCLT
- **Order date:** 16 Apr 2024
- **Citation:** TCN-2024-NCLT-01725
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alps-motor-finance-limited-4cb8aa4a

## Summary

### Background

The case involves Globe Fincap Limited as the applicant/petitioner and Alps Motor Finance Limited as the respondent. The matter pertains to Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The counsels for both parties are in discussion to reach a settlement regarding the defaulted amount to be paid by the Corporate Debtor (CD) to the Financial Creditor (FC), which is the petitioner.

## Facts

Globe Fincap Limited filed an application against Alps Motor Finance Limited under Section 7 of the IBC, 2016. The counsels for both parties informed the court that they are in talks to settle the matter regarding the defaulted amount. The counsel appearing for the Corporate Debtor (Alps Motor Finance Limited) submitted that the CD is in the process of selling its assets to discharge its debts. Given the ongoing settlement talks, the court found no justification to keep the applications pending. The relevance of the fact that the CD is selling assets is to show their willingness to settle the debt.

## Issues and analysis

### Issue 1: Whether the applications IB-55/ND/2024 and IA-1673/2024 should be kept pending given the ongoing …

**Ratio:** Courts generally encourage settlement between parties to resolve disputes efficiently and

…

**Reasoning:** The court reasoned that keeping the applications pending would not serve any purpose

…

**Interpretation:** This interpretation aligns with the principle of promoting settlement and

…

**Application:** In this case, the court applied the ratio by disposing of the applications,

…

## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** Globe Fincap…
- **Respondents:** Alps Motor…

## Timeline

- **2024-04-16 — Order Del…**: The order was delivered on April 16, 2024, disposing of IB-55/ND/2024 and IA-1673/2024…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alps-motor-finance-limited-4cb8aa4a