# In the matter of Gaurav Vinod Goel (Promoter and Shareholder of Twenty First Century Wire Rods Ltd.) Vs. Inox Air Products Pvt. Ltd. Civil Appeal No. 865-2018

> SC judgment dated 2018-01-29. Citation: TCN-2018-SC-00076. The case involves a civil appeal against an order of the National Company Law Tribunal (NCLT) which…

- **Court:** SC
- **Order date:** 29 Jan 2018
- **Citation:** TCN-2018-SC-00076
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/gaurav-vinod-goel-promoter-and-shareholder-of-twenty-first-century-wire-rods-ltd-bc094bb4

## Summary

### Background

The case involves a civil appeal against an order of the National Company Law Tribunal (NCLT) which admitted a petition by an operational creditor for an amount of Rs. 1.67 Crores. The NCLT's order dated 08.01.2018 was challenged. An impugned order dated 22.01.2018 merely adjourned the matter.

## Facts

The National Company Law Tribunal (NCLT) admitted a petition by an operational creditor for Rs. 1.67 Crores via an order dated 08.01.2018. The appellant challenged this order. An impugned order dated 22.01.2018 adjourned the matter. The parties had entered into a Settlement Agreement dated 18.01.2018. The Supreme Court took this settlement agreement on record and set aside the NCLT's order. The key fact is the existence of a settlement agreement between the parties prior to the Supreme Court's intervention, which influenced the court's decision to set aside the NCLT order.

## Issues and analysis

### Issue 1: Whether the Supreme Court was justified in setting aside the order of the National Company Law …

**Ratio:** A settlement agreement between parties can form the basis for setting aside an order of a

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**Reasoning:** The Supreme Court considered the Settlement Agreement dated 18.01.2018 as a significant

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**Interpretation:** This highlights the court's preference for amicable resolutions and settlements

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**Application:** In this case, the existence of the Settlement Agreement directly influenced the

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## Parties

- **Judges:** ROHINTON FALI…; NAVIN S…
- **Appellants:** Gaurav Vino…
- **Respondents:** Twenty First…; Inox Air Products…

## Timeline

- **2018-01-08 — NCLT Ord…**: The National Company Law Tribunal admitted the petition by an operational creditor for an…
- **2018-01-18 — Settlement Ag…**: Parties entered into a…

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