# In the matter of Naresh Hansrajmal Bulchandani Vs. Deep Constructions Co. & Anr. Civil Appeal No. 4887-2018

> SC judgment dated 2018-05-07. Citation: TCN-2018-SC-00058. A petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 was admitted by the National…

- **Court:** SC
- **Order date:** 7 May 2018
- **Citation:** TCN-2018-SC-00058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/naresh-hansrajmal-bulchandani-vs-deep-constructions-co-anr-civil-appeal-no-4887-51cd854a

## Summary

### Background

A petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 was admitted by the National Company Law Tribunal, Ahmedabad Bench on January 18, 2018. Subsequently, the matter was settled between the parties through a Memorandum of Understanding-cum-Settlement Agreement dated April 5, 2018.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the Supreme Court should exercise its powers under Article 142 of the Constitution of India …

**Ratio:** The Supreme Court has the power under Article 142 of the Constitution of India to pass

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**Reasoning:** The Court reasoned that since the parties had settled the matter through a Memorandum of

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**Interpretation:** Article 142 provides the Supreme Court with broad discretionary powers to

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**Application:** The Court applied this principle to the specific facts of the case, where a

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## Parties

- **Judges:** ROHINTON FALI…; ABHAY MANOHAR…
- **Appellants:** NARESH HANSRAJMAL…
- **Respondents:** DEEP CONSTRUCTIONS…
- **Other parties:** Over Tu…

## Timeline

- **2018-01-18 — NCLT Ord…**: The National Company Law Tribunal, Ahmedabad Bench, admitted a petition under Section 9…
- **2018-04-05 — Settlement Ag…**: The parties entered into a Memorandum of…

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