# In the matter of HIMALAYA FOOD INTERNATIONAL LIMITED

> NCLT judgment dated 2022-07-12. Citation: TCN-2022-NCLT-01768. IA/2886/ND/2022 was filed on behalf of the IRP. The IRP stated that a settlement was reached…

- **Court:** NCLT
- **Order date:** 12 Jul 2022
- **Citation:** TCN-2022-NCLT-01768
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/himalaya-food-international-limited-8b682591

## Summary

### Background

IA/2886/ND/2022 was filed on behalf of the IRP. The IRP stated that a settlement was reached between the parties, and the amount has already been paid. The IRP also stated that no claim has been received to date, and the CoC has not been constituted. Counsel for the IRP stated that the IRP has been fully paid and nothing is due.

## Facts

Montage Global Pvt. Ltd. filed an application (IA/2886/ND/2022) in relation to a petition (IB/491/ND/2020) against Himalya Food International Ltd. The IRP stated that a settlement was reached between the parties and the agreed amount was paid. The IRP also stated that no claims were received till date and the CoC was not constituted. The IRP's counsel confirmed that the IRP was fully paid and nothing was due. This settlement led to the court allowing the application and disposing of the petition.

## Issues and analysis

### Issue 1: Whether the settlement arrived at between the parties warrants the allowance of IA/2886/ND/2022 and …

**Ratio:** A settlement between parties, coupled with the full payment to the IRP and the absence of

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**Reasoning:** The court reasoned that the settlement between the parties, as confirmed by the IRP's

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**Interpretation:** The legal issue revolves around the effect of a settlement in insolvency

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**Application:** In this case, the IRP confirmed the settlement and the full payment. Applying

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## Parties

- **Judges:** DHARMINDER…; L. N. G…
- **Appellants:** Montage Global…
- **Respondents:** Himalya Food…

## Timeline

- **2022-07-12 — Order Del…**: Order delivered on 12.07.2022 regarding…

## 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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