The case originated from a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, which was admitted by the National Company Law Tribunal (NCLT), New Delhi, on 27.09.2017. Subsequently, the parties entered into a Memorandum of Understanding (MoU) dated 16.12.2017, to settle the matter. The Supreme Court, in its appellate jurisdiction, considered the appeal against the NCLT's order. The key fact is the existence of the MoU, which led to the settlement between the parties after the initiation of insolvency proceedings. The court acknowledged the MoU and its impact on the pending appeal, leading to the setting aside of the NCLT's order. The relevance of the MoU is that it provided a basis for resolving the dispute outside of the formal insolvency

The case originated from a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, which was admitted by the National Company Law Tribunal (NCLT), New Delhi, on 27.09.2017. Subsequently, the parties entered into a Memorandum of Understanding (MoU) dated 16.12.2017, to settle the matter. The Supreme Court, in its appellate jurisdiction, considered the appeal against the NCLT's order. The key fact is the existence of the MoU, which led to the settlement between the parties after the initiation of insolvency proceedings. The court acknowledged the MoU and its impact on the pending appeal, leading to the setting aside of the NCLT's order. The relevance of the MoU is that it provided a basis for resolving the dispute outside of the formal insolvency