# 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-01659. 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-01659
- **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-2019-64ef017b

## 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 dispose of the company petition. The Financial Creditor opposed the application, contending that the Corporate Debtor had defaulted on payments under a prior settlement agreement dated 28.01.2021 and that the subsequent agreement was contingent on a payment that was not fulfilled.

## 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 an application (I.A. 4859/2021) seeking to bring on record a settlement agreement dated 01.04.2021 and to dispose of the company petition. The Corporate Debtor claimed that as per the 01.04.2021 agreement, the total payable amount was Rs. 60 lakhs, out of which Rs. 55 lakhs had already been paid, with only Rs. 5 lakhs pending. The Financial Creditor opposed the application, stating that the Corporate Debtor had offered to pay Rs. 1.40 Crores under a settlement agreement dated 28.01.2021, but failed to fulfill the terms. The Financial Creditor

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## Issues and analysis

### Issue 1: Whether the settlement agreement dated 01.04.2021 can be taken on record and the company petition …

**Ratio:** A settlement agreement can only be taken on record if it is valid and enforceable. If the

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

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**Interpretation:** The court interpreted that a settlement agreement is a contract and must meet

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**Application:** The court applied the ratio to the facts by noting that the Corporate Debtor's

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## Parties

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

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No. (IB) –…
- **2019-11-08 — Form 1 Fur…**: Financial Creditor furnished Form no. 1 under Rule 4 of the Insolvency and Bankruptcy…

## 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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