On January 18, 2018, the National Company Law Tribunal (NCLT), Ahmedabad Bench, admitted a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, on April 5, 2018, the parties entered into a Memorandum of Understanding-cum-Settlement Agreement, resolving the matter between themselves. The appellant then filed a Special Leave Petition before the Supreme Court, seeking to set aside the NCLT order based on the settlement. The Supreme Court considered the settlement agreement and the powers vested in it under Article 142 of the Constitution of India.

On January 18, 2018, the National Company Law Tribunal (NCLT), Ahmedabad Bench, admitted a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, on April 5, 2018, the parties entered into a Memorandum of Understanding-cum-Settlement Agreement, resolving the matter between themselves. The appellant then filed a Special Leave Petition before the Supreme Court, seeking to set aside the NCLT order based on the settlement. The Supreme Court considered the settlement agreement and the powers vested in it under Article 142 of the Constitution of India.