# In the matter of Himalya Food International Ltd. IA-2886-ND-2022 in IB-491-ND-2020

> NCLT judgment dated 2022-07-12. Citation: TCN-2022-NCLT-01764. IA/2886/ND/2022 was filed on behalf of the IRP, stating that a settlement was reached between…

- **Court:** NCLT
- **Order date:** 12 Jul 2022
- **Citation:** TCN-2022-NCLT-01764
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/himalya-food-international-ltd-ia-2886-nd-2022-in-ib-491-nd-2020-800dc719

## Summary

### Background

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

## Facts

A settlement was reached between Montage Global Pvt. Ltd. and Himalya Food International Ltd. The IRP (Insolvency Resolution Professional) stated that all payments have been made, and no claims are outstanding. The Committee of Creditors (CoC) was not constituted. IA/2886/ND/2022 was filed on behalf of the IRP.

## Issues and analysis

### Issue 1: Whether IA/2886/ND/2022 should be allowed given the settlement between the parties and the IRP's …

**Ratio:** When parties reach a settlement and all dues are cleared, the court may allow the

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**Reasoning:** The court relied on the IRP's statement that the settlement amount had been paid, no

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**Interpretation:** This legal issue involves interpreting the implications of a settlement reached

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**Application:** Given the settlement between Montage Global Pvt. Ltd. and Himalya Food

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## Parties

- **Judges:** DHARMINDER…; L. N. G…
- **Appellants:** Montage Global…
- **Respondents:** Himalya Food…
- **Advocates:** Abhishek…; Prateek Ku…; +2 more

## Timeline

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

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