# In the matter of Intergen Energy Ltd. I.A. 4859-2021 in Company Petition No. (IB) - 3079 (ND) -2019

> NCLT judgment dated 2022-07-19. Citation: TCN-2022-NCLT-01657. The case involves an application (I.A. 4859/2021) filed by Intergen Energy Ltd. (Corporate…

- **Court:** NCLT
- **Order date:** 19 Jul 2022
- **Citation:** TCN-2022-NCLT-01657
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/intergen-energy-ltd-ia-4859-2021-in-company-petition-no-ib-3079-nd-2019-0f879901

## Summary

### Background

The case involves an application (I.A. 4859/2021) filed by Intergen Energy Ltd. (Corporate Debtor) in relation to a Company Petition (IB-3079/(ND)/2019) initiated by Mr. Anil Hada (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor sought to bring on record a settlement agreement dated 01.04.2021 and to dismiss the company petition. The Financial Creditor opposed the application, claiming a prior settlement agreement dated 28.01.2021 existed and that the Corporate Debtor had defaulted on payments. The Financial Creditor also alleged that the settlement agreement dated 01.04.2021 was contingent upon the payment of Rs. 80 Lakhs by 23.03.2021, which was not fulfilled. The Corporate Debtor argued that the subsequent

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## Facts

Mr. Anil Hada (Financial Creditor) initiated CIRP against Intergen Energy Ltd. (Corporate Debtor) under Section 7 of IBC, 2016, for a default of Rs. 100 Lakhs including interest @ 6% p.a. as on 01.05.2019. The Corporate Debtor filed I.A. 4859/2021 seeking to bring on record a settlement agreement dated 01.04.2021 and dismiss the company petition. The Corporate Debtor claimed that as per the settlement agreement dated 01.04.2021, the total payable amount was Rs. 60 Lakhs, out of which Rs. 55 Lakhs had been paid, with only Rs. 5 Lakhs pending. The Financial Creditor opposed this, stating that a prior settlement agreement dated 28.01.2021 existed, where the Corporate Debtor agreed to pay Rs. 1.40 Crores. The Financial Creditor claimed that only Rs. 75 Lakhs had been paid

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## Issues and analysis

### Issue 1: Whether the settlement agreement dated 01.04.2021 can be taken on record and acted upon to dismiss …

**Ratio:** A settlement agreement can only be taken on record if it is valid, enforceable, and all

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**Reasoning:** The NCLT found that the settlement agreement dated 01.04.2021 was contingent on the

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**Interpretation:** This interpretation emphasizes the importance of fulfilling all conditions

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**Application:** Since the Corporate Debtor failed to make the required payment by the specified

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. RAHUL…
- **Appellants:** Anil Hada…
- **Respondents:** Intergen Energy…; M/s. Intergen…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No. (IB) – 3079/ (ND) /2019 filed by the Financial Creditor against the…
- **2019-05-01 — Default…**: Default in payment of debt of Rs. 100…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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