# In the matter of Supreme Infrastructure India Limited

> NCLT judgment dated 2024-01-30. Citation: TCN-2024-NCLT-02844. The case involves IA 1129/2020 filed by Vikas Shuttering Store Private Limited (Operational…

- **Court:** NCLT
- **Order date:** 30 Jan 2024
- **Citation:** TCN-2024-NCLT-02844
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-infrastructure-india-limited-0f95d21e

## Summary

### Background

The case involves IA 1129/2020 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Creditor) seeking revival of CP (IB) No. 4752/MB-VI/2018, which was initially admitted on 30.09.2019 but later withdrawn due to a settlement agreement (Consent Terms) dated 05.10.2019.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 by the Tribunal on 16.06.2022, and also praying for rejection of IA 1129/2020.

## Facts

Vikas Shuttering Store Private Limited (Operational Creditor) filed CP (IB) No. 4752/MB-VI/2018 against Supreme Infrastructure India Limited (Corporate Debtor) for a default amount of Rs. 14,26,91,442/-. The application was admitted on 30.09.2019. Subsequently, a settlement was reached, and Consent Terms were executed, with the CD agreeing to pay Rs. 9,50,00,000/- in installments. The CD paid Rs. 1,50,00,000/- initially. The OC sent emails to the CD dated 06.01.2020, 16.01.2020, and 23.01.2020 for complying with the Consent Terms. The OC deposited 11 cheques given by the CD, but they were dishonored due to 'insufficiency of funds'. The CD filed CA(CAA)-401(MB)/2020, and the CD was directed to comply with the directions passed in MA No. 3357/2019. The CD filed IA No.

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## Issues and analysis

### Issue 1: Whether the Consent Terms executed between the Operational Creditor and the Corporate Debtor can be …

**Ratio:** The Scheme of Compromise and Arrangement, once approved by the Tribunal under Sections

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**Reasoning:** The Tribunal reasoned that allowing the revival of the CIRP based on the Consent Terms

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**Interpretation:** The interpretation is that an approved Scheme of Compromise and Arrangement

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**Application:** In this case, the Scheme Order dated 16.06.2022 modified the Consent Terms

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** VIKAS SHUTTERING…
- **Respondents:** Supreme Infrastruc…

## Timeline

- **2018-01-01 — CP (IB) No. 4752/MB-VI/2…**: CP (IB) No. 4752/MB-VI/2018 filed against…
- **2019-09-30 — Admission of CP (IB)…**: CP (IB) No. 4752/MB-VI/2018 was…

## 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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