# In the matter of Delco Infrastructure Projects Ltd. IA-3090-ND-2022 in IB-444-ND-2020

> NCLT judgment dated 2022-07-06. Citation: TCN-2022-NCLT-01849. The case involves M/s Intec Capital Ltd as the applicant and M/s Delco Infrastructure Projects…

- **Court:** NCLT
- **Order date:** 6 Jul 2022
- **Citation:** TCN-2022-NCLT-01849
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/delco-infrastructure-projects-ltd-ia-3090-nd-2022-in-ib-444-nd-2020-d3cb36d1

## Summary

### Background

The case involves M/s Intec Capital Ltd as the applicant and M/s Delco Infrastructure Projects Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Interim Resolution Professional (IRP), Mr. Harish Taneja, appeared in person and stated that the matter has been settled.

## Facts

M/s Intec Capital Ltd initiated insolvency proceedings against M/s Delco Infrastructure Projects Ltd. under Section 7 of the IBC, 2016. Mr. Harish Taneja was appointed as the Interim Resolution Professional (IRP). The IRP appeared before the NCLT and reported that the matter had been settled between the parties. Form-FA, documenting the settlement, was filed and signed by all concerned parties. All IRP fees and costs were paid, and no claims were outstanding. The Committee of Creditors (CoC) was not constituted. Based on the settlement, the IRP requested the court to allow the application. The settlement led to the corporate debtor being released from the CIRP.

## Issues and analysis

### Issue 1: Whether the settlement arrived at between the parties warrants the closure of the insolvency …

**Ratio:** A settlement between parties in an insolvency proceeding can be a valid ground for

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**Reasoning:** The court considered the IRP's statement that the matter had been settled, Form-FA was

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**Interpretation:** The interpretation of the IBC allows for settlements to be recognized and acted

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**Application:** In this case, the settlement, coupled with the IRP's confirmation of payment of

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## Parties

- **Judges:** DHARMINDER…; BINOD KUMAR…
- **Appellants:** M/s Intec Capital…
- **Respondents:** M/s Delco…
- **Advocates:** Dhruv P…; Gautam Si…

## Timeline

- **N/A — Initiation of…**: M/s Intec Capital Ltd. initiated proceedings against M/s Delco Infrastructure Projects…
- **N/A — Appointment…**: Mr. Harish Taneja was appointed as the…

## 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)

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