# In the matter of Supreme Infrastructure India Limited

> NCLT judgment dated 2024-01-30. Citation: TCN-2024-NCLT-02857. IA 1129/2020 was filed by Vikas Shuttering Store Private Limited (Operational Creditor) seeking…

- **Court:** NCLT
- **Order date:** 30 Jan 2024
- **Citation:** TCN-2024-NCLT-02857
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-infrastructure-india-limited-00e39833

## Summary

### Background

IA 1129/2020 was filed by Vikas Shuttering Store Private Limited (Operational Creditor) seeking revival of CP (IB) No. 4752/MB-VI/2018, which was initially admitted on 30.09.2019 but later withdrawn due to a settlement agreement (Consent Terms) dated 05.10.2019. IA 4502/2023 was filed by Supreme Infrastructure India Limited (Corporate Debtor) seeking a declaration that the Consent Terms were modified by a Scheme of Compromise and Arrangement approved on 16.06.2022, and also praying for rejection of IA 1129/2020.

## Facts

Vikas Shuttering Store Private Limited (Operational Creditor) filed IA 1129/2020 seeking revival of CP (IB) No. 4752/MB-VI/2018 against Supreme Infrastructure India Limited (Corporate Debtor). The initial application was admitted on 30.09.2019 for a default amount of Rs. 14,26,91,442/-, but later withdrawn after a settlement was reached between the parties, resulting in Consent Terms dated 05.10.2019. The Corporate Debtor agreed to pay Rs. 9,50,00,000/- to the Operational Creditor, with an initial payment of Rs. 1,50,00,000/- made. The Operational Creditor claimed that the Corporate Debtor breached the Consent Terms, leading to dishonored cheques. The Corporate Debtor argued that the Consent Terms were modified by a Scheme of Compromise and Arrangement approved by the

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## Issues and analysis

### Issue 1: Whether IA 1129/2020 for revival of CP (IB) No. 4752/MB-VI/2018 can be allowed given the Scheme of …

**Ratio:** The Scheme of Compromise and Arrangement, once approved by the Tribunal, is binding on

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**Reasoning:** The Tribunal reasoned that allowing the revival application would unsettle the Scheme

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**Interpretation:** This issue involves the interpretation of the binding nature of a Scheme of

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**Application:** The ratio and reasoning were applied to the facts by holding that the Scheme

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** VIKAS SHUTTERING…
- **Respondents:** Supreme Infrastruc…
- **Advocates:** Ranit…; Avinash R.…; +4 more

## Timeline

- **2018-01-01 — CP (IB) No. 4752/MB-VI/2…**: Main Applicati…
- **2019-09-30 — Admission of CP (IB)…**: Main Application admitted by…

## 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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