Sadbhav Engineering Limited vs Kunal Conchem Private Limited
- CitationCompany Appeal (AT) (Insolvency) No.01 of 2025
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority, having closed a Section 9 application on the strength of a settlement agreement, may restore and revive that application where the corporate debtor has not honoured the settlement, and the Appellate Tribunal will not interfere with such a restoration where the Adjudicating Authority has considered all relevant aspects of the matter.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Sadbhav Engineering Ltd. ...Appellant
Versus
Kunal Conchem Pvt. Ltd. ...Respondent
Present: For Appellant : Mr. Navin Pahwa, Sr. Advocate with Mr. Rohan, Mr. Nilay Gupta, Mr. Vijay Polha, Advocates. For Respondent :
ORDER
(Hybrid Mode)
09.01.2025: Heard learned counsel for the parties. This Appeal has
been filed against order dated 27.11.2024 by which order the Adjudicating
Authority has revived the Section 9 application C.P.(IB)43/AHM/2023 on
RST.A/2(AHM)2024. In the proceedings settlement agreement dated
23.11.2023 was entered between the parties, relying on which settlement
agreement proceedings were closed on 01.12.2023. Subsequently,
Restoration Application was filed on the ground that the Corporate Debtor
has not honoured the settlement between the parties. The application was
opposed by the Corporate Debtor, however, the Adjudicating Authority after
considering the submissions of the parties, allowed the application and
revived Section 9 application.
We are of the view that the Adjudicating Authority has considered all
relevant aspects of the matter and has rightly allowed the restoration
Cont'd.../ 2
application reviving Section 9 application. We do not find any merit in the
appeal. Appeal is dismissed.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical)
[Arun Baroka] Member (Technical) Archana/nn
Company Appeal (AT) (Insolvency) No.01 of 2025
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