Bhagyanagar Boards & Chemicals Private ... vs Vijay Kumar Goyal

NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAI (APPELLATE JURISDICTION) IA No.57/2025 in Company Appeal (AT) (CH) No.128/2022 (IA Nos.1101/2022, 957/2023, 1000/2023 & 1420/2023) In the matter of: Bhagyanagar Boards & Chemicals Pvt. Ltd. & 4 Ors. ... Appellants V Vijay Kumar Goyal & 2 Ors. ...Respondents

Present : For Appellants : Mr. Y. Suryanarayana, Advocate For Respondents : Mr. R. Parthasarathy, Senior Advocate For Mr. Subhang Nair, Ms. Madhupreetha Elango, Advocates for R1 to R3 ORDER

(Hybrid Mode) 10.01.2025:

The challenge in the instant Company Appeal is given to the Impugned

Order dated 19.10.2022, which has been passed by the Learned NCLT,

Hyderabad Bench, in CP No.26/2005 bearing TP No.06/HDB/2016. By virtue of

the impugned order, the proceedings which were held under Sections 111, 397,

398, 402, 403, 406 & Schedule XI of the Companies Act, 1956, stood allowed,

in terms of the observations which had been made in para 42 of the said impugned

order.

Today, the matter is listed for orders on Memorandum of Settlement

bearing IA No.57/2025, which has been duly signed by all the parties to the

Appeal i.e., the Appellants, as well as the Respondents, including their counsels,

IA No.57/2025 in Comp App (AT) (CH) No.128/2022 Page 1 of 2 who had made a statement at bar and had stated that the parties had settled their

dispute, outside the court.

It is made clear that, the aforesaid memo is not supported with the terms of

the settlement, alleged to have entered between the parties to appeal outside the

court, based on which the Appeal is being sought to be disposed of, but

exclusively owing to the fact, that, the memorandum has been filed in consonance

with the provisions contained in Order XXIII Rule 3 of CPC, which could be

principally made applicable and coupled with the fact that since the memo is

supported by the independent affidavits filed by the parties to the Appeal. The

Appeal would stand disposed of in terms of the settlement which has been arrived

at between the parties and accordingly, the impugned order dated 19.10.2022

would stand modified to the extent of the terms of the settlement, which has been

arrived at and signed by the parties to the proceedings and verified by the

respective counsels.

This will automatically result into diluting the effect of the Interim Order

dated 08.02.2023, owing to disposal of company appeal based on the terms of

settlement.

[Justice Sharad Kumar Sharma] Member (Judicial)

[Jatindranath Swain] Member (Technical)

VG/TM/MS

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