# In the matter of Vivek Agarwal Vs. Kanak Resource Management Limited and Anr. Civil Appeal No(s).3624-2020

> SC judgment dated 2021-04-13. Citation: TCN-2021-SC-00052. Civil Appeal No. 3624 of 2020 was filed before the Supreme Court of India. During the pendency of…

- **Court:** SC
- **Order date:** 13 Apr 2021
- **Citation:** TCN-2021-SC-00052
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/vivek-agarwal-vs-kanak-resource-management-limited-and-anr-civil-appeal-no-eee92c6c

## Summary

### Background

Civil Appeal No. 3624 of 2020 was filed before the Supreme Court of India. During the pendency of the appeal, two settlements were reached between the appellant and the respondents. The settlements were marked as Annexure 'A' and Annexure 'G' to the IA. The court was asked to take the Settlement Agreements on record and dispose of the appeal. Kanak Resources Management Limited is a subsidiary of IL&FS Environmental Infrastructure and Services Limited. The management of the IL&FS Group of Companies is under the authority of the Union government, and the resolution process is supervised by the National Company Law Appellate Tribunal (NCLAT). Hon'ble Mr Justice D K Jain, a former Judge of the Supreme Court, was appointed by NCLAT to supervise the process.

## Facts

Civil Appeal No. 3624 of 2020 was filed before the Supreme Court. Two settlements were reached between Vivek Agarwal (appellant) and Kanak Resource Management Limited & Anr. (respondents) during the pendency of the appeal. These settlements were marked as Annexure 'A' and Annexure 'G' to the IA. Kanak Resources Management Limited is a subsidiary of IL&FS Environmental Infrastructure and Services Limited. The management of IL&FS is overseen by a board appointed by the Union government, with the resolution process supervised by NCLAT. It was argued that Kanak Resources Management Limited is not subject to the Corporate Insolvency Resolution Process. The court decided to refer the settlements to Hon'ble Mr Justice D K Jain for scrutiny to ensure no legal bars

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## Issues and analysis

### Issue 1: Whether the settlements reached between the appellant and the respondents can be accepted and the …

**Ratio:** The principle of ensuring that settlements do not contravene any existing legal bars or

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**Reasoning:** The court reasoned that due to the involvement of IL&FS and the ongoing resolution

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**Interpretation:** The court interpreted the situation as requiring a thorough review of the

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**Application:** The court applied this principle by referring the settlements to Hon'ble Mr

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## Parties

- **Judges:** Dr Dhananjaya Y…; M.R.…
- **Appellants:** Vivek Ag…
- **Respondents:** KANAK RESOURCE…
- **Advocates:** Meenakshi…; Amit Ag…; +10 more

## Timeline

- **2020-01-01 — Civil Appea…**: Civil Appeal No. 3624…
- **2021-04-05 — Settlements…**: Two settlements were arrived at between…

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