# In the matter of Superior Industries Ltd.

> NCLT judgment dated 2023-09-18. Citation: TCN-2023-NCLT-01559. The case pertains to IB-1032/ND/2018 filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Sept 2023
- **Citation:** TCN-2023-NCLT-01559
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/superior-industries-ltd-b17cd749

## Summary

### Background

The case pertains to IB-1032/ND/2018 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Hon'ble NCLAT had already terminated the CIRP and discharged the IRP in view of the settlement arrived between the Financial Creditor and Corporate Debtor. An order was passed by the Hon'ble NCLAT dated 17.08.2023 in Company Appeal (AT) (Ins.) No. 373 of 2023.

## Facts

M/s. Punjab National Bank (International) Ltd. filed a case (IB-1032/ND/2018) against M/s. Superior Industries Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Hon'ble NCLAT had already terminated the CIRP and discharged the IRP based on a settlement between the Financial Creditor and the Corporate Debtor. The NCLAT passed an order on 17.08.2023 in Company Appeal (AT) (Ins.) No. 373 of 2023. IA/3858/2023 has become infructuous.

## Issues and analysis

### Issue 1: Whether the present application IB-1032/ND/2018 should be disposed of, considering the NCLAT has …

**Ratio:** When a higher appellate authority (NCLAT) has already addressed and resolved the matter

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**Reasoning:** The NCLAT's order dated 17.08.2023, which terminated the CIRP and discharged the IRP,

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**Interpretation:** The interpretation of the law is that once a settlement is reached and approved

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**Application:** In this specific case, the NCLAT's order directly impacts the NCLT proceedings.

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** M/s. Punjab…
- **Respondents:** M/s. Superior…

## Timeline

- **2023-08-17 — NCLAT Or…**: Hon'ble NCLAT passed an order closing the CIRP and discharging the IRP in Company Appeal…
- **2023-09-18 — NCLT Ord…**: NCLT disposes of IB-1032/ND/2018 and dismisses IA/3858/2023 as infructuous, following 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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