# In the matter of Bharat Bhushan Kumar Vs. Spaze Towers Private Limited & Ors. Civil Appeal No. 6798 of 2021

> SC judgment dated 2021-11-18. Citation: TCN-2021-SC-00010. The case involves a civil appeal before the Supreme Court of India concerning the corporate…

- **Court:** SC
- **Order date:** 18 Nov 2021
- **Citation:** TCN-2021-SC-00010
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/bharat-bhushan-kumar-vs-spaze-towers-private-limited-ors-civil-appeal-no-6798-of-a6909dcd

## Summary

### Background

The case involves a civil appeal before the Supreme Court of India concerning the corporate insolvency resolution process of Spaze Towers Private Limited. An application in Form-FA was submitted seeking withdrawal of the corporate insolvency resolution process under Regulation 30A of the Insolvency and Bankruptcy Board of India Regulations, 2016, before the National Company Law Tribunal, New Delhi. The initial application bearing I.B. No. 889(ND) of 2020, filed by Vandana Raheja & Ors. against Spaze Towers Private Limited, was admitted by the Adjudicating Authority on 28.10.2021.

## Facts

Vandana Raheja and several others filed an application (I.B. No. 889(ND) of 2020) against Spaze Towers Private Limited before the National Company Law Tribunal (NCLT), New Delhi, under Section 7 of the Insolvency and Bankruptcy Code, 2016. This application was admitted on 28.10.2021. Subsequently, the parties reached a settlement and filed an application in Form-FA seeking withdrawal of the corporate insolvency resolution process, as per Regulation 30A of the IBBI Regulations, 2016. The Interim Resolution Professional confirmed that all dues and fees had been paid. The Supreme Court considered the settlement agreement dated 15.11.2021 and the undertaking of the parties to abide by the consent terms. The relevance of the settlement is that it resolves the insolvency

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## Issues and analysis

### Issue 1: Whether the Supreme Court should accept the settlement agreement between the parties and allow the …

**Ratio:** The legal principle applied is that courts generally favor and encourage settlements

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**Reasoning:** The court considered the submissions of the learned counsel, the terms of the Settlement

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**Interpretation:** The interpretation of Regulation 30A allows for the withdrawal of the CIRP if

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**Application:** The court applied the principle of favoring settlements to the specific facts

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## Parties

- **Judges:** DINESH MAHE…; VIKRAM…
- **Appellants:** Bharat Bhushan…
- **Respondents:** Space Towers…; Spaze Towers…

## Timeline

- **2020-06-20 — Application…**: Vandana Raheja & Ors. filed an application bearing I.B. No. 889(ND) of 2020 against Spaze…
- **2021-10-28 — Application A…**: The Adjudicating Authority admitted the…

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