# In the matter of Concept Eduventures Private Limited

> NCLT judgment dated 2023-11-08. Citation: TCN-2023-NCLT-00837. The case involves an application filed by Gautam Saha and Abhijit Dutta, the suspended…

- **Court:** NCLT
- **Order date:** 8 Nov 2023
- **Citation:** TCN-2023-NCLT-00837
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/concept-eduventures-private-limited-2220cae8

## Summary

### Background

The case involves an application filed by Gautam Saha and Abhijit Dutta, the suspended directors of a corporate debtor, under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking approval for a settlement proposal. The proposal involves a payment of Rs. 40 Lakhs for the full and final settlement of pending IAs. The Resolution Professional (RP) had previously filed applications under sections 19(2), 43, and 66 of the Insolvency and Bankruptcy Code, 2016, against the applicants. The NCLT Guwahati bench had verbally discussed a settlement proposal of Rs. 51,00,000 in a prior hearing but the bench was reconstituted. The applicants claim they approached relatives and friends to offer Rs. 40 Lakhs as a settlement. The RP opposed the settlement, highlighting

…

## Facts

Gautam Saha and Abhijit Dutta, the suspended directors of a corporate debtor, filed an application seeking approval for a settlement proposal of Rs. 40 Lakhs to resolve pending IAs. The Resolution Professional (RP) had previously initiated proceedings against them under sections 19(2), 43, and 66 of the Insolvency and Bankruptcy Code, 2016. The RP opposed the settlement, highlighting that the applicants had defaulted on payments to employees, faculties, and creditors, and had engaged in transactions detrimental to the company's interests. The RP also pointed out that the applicants had failed to provide necessary information and records, and that the proposed settlement amount was significantly lower than the outstanding dues of Rs. 2,01,17,008.00. The corporate debtor

…

## Issues and analysis

### Issue 1: Whether the settlement proposal of Rs. 40 Lakhs offered by the suspended directors is sufficient to …

**Ratio:** The principle is that a settlement proposal must adequately address the claims of

…

**Reasoning:** The NCLT found that the proposed settlement amount was significantly lower than the

…

**Interpretation:** The court interpreted that the settlement amount was insufficient and that the

…

**Application:** The ratio was applied to the facts by considering the amount of the settlement

…

## Parties

- **Judges:** H.V. Subb…; Satya Ranjan…
- **Appellants:** Gautam…
- **Respondents:** Concept Eduventure…; Kamal Ag…

## Timeline

- **2020-01-01 — CP (IB) No.03/GB/2020…**: The Corporate Insolvency…
- **2022-03-17 — Previous H…**: NCLT Guwahati bench verbally discussed the proposal for settlement by depositing Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

---

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/concept-eduventures-private-limited-2220cae8