Case Note & Summary
The appeal arose from a dispute between JSW Mahanadi Power Company Limited and Raigarh Champa Rail Infrastructure Private Limited regarding payment of invoices during their respective corporate insolvency resolution processes. Both entities had entered into the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, with the National Company Law Tribunal admitting them into CIRP on different dates in 2019 and 2021. Disputes emerged during the CIRP, leading to the filing of an application for payment of invoices, which was allowed by the NCLT, prompting the present appeal. The Appellate Authority issued interim orders regarding payment obligations, which were complied with by both parties. Subsequently, both parties engaged in discussions and reached a mutual settlement agreement on 06 August 2026. They filed a joint memo requesting the Appellate Authority to dispose of the appeal based on this settlement. The Appellate Authority accepted the joint memo and disposed of the appeal accordingly, recognizing the settlement between the parties as a resolution of the dispute.
Headnote
A) Insolvency Law - Corporate Insolvency Resolution Process - Disposal of Appeal - Insolvency and Bankruptcy Code, 2016, Section 7 - The appeal was resolved through a joint memo filed by the parties, indicating a mutual settlement of disputes. The parties agreed to settle the issues forming the subject matter of the appeal and requested the Appellate Authority to dispose of the appeal accordingly. Held that the appeal was disposed of in terms of the joint memo (Paras 1-3).
Issue of Consideration
Whether the appeal should be disposed of in light of the settlement agreement between the parties.
Final Decision
The appeal was disposed of in terms of the joint memo filed by the parties, recognizing the settlement agreement.
Law Points
- Corporate Insolvency Resolution Process
- Settlement Agreement
- Joint Memo
- Interim Order
- Payment of Invoices
