Case Note & Summary
The dispute arose from a Company Appeal filed by the suspended director of 63Ideas Infolabs Pvt. Ltd. against an order of the National Company Law Tribunal (NCLT) admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Appellant challenged the NCLT's order dated 31.10.2025, which directed the commencement of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. On 09.12.2025, the Tribunal issued an interim order, requiring the Appellant to deposit Rs. 3.5 crores to keep the operation of the NCLT's order in abeyance. The Appellant complied with this order, and the Demand Draft was held during the appeal's pendency. Subsequently, a settlement was reached between the parties, as reflected in a memorandum accepted by the Respondent's Counsel. The Appellant requested to withdraw the appeal, citing a subsequent order from the NCLT on 27.04.2026, which confirmed the settlement. The Respondent's Counsel did not oppose this request. Consequently, the Tribunal dismissed the Company Appeal as withdrawn, aligning with the settlement reached and the NCLT's order.
Headnote
A) Insolvency Law - Corporate Insolvency Resolution Process - Dismissal of Appeal - Insolvency and Bankruptcy Code, 2016, Section 12A - The Appellant sought to withdraw the Company Appeal after a settlement was reached, which was not opposed by the Respondent's Counsel. The Tribunal directed the dismissal of the appeal as withdrawn in light of the settlement and the order of the NCLT dated 27.04.2026. Held that the appeal was dismissed as per the request of the Appellant (Paras 1-3).
Issue of Consideration
Whether the Company Appeal should be dismissed as withdrawn following a settlement between the parties.
Final Decision
The Company Appeal (AT) (CH) (Ins) No. 625/2025 was dismissed as withdrawn, in terms of the order of NCLT dated 27.04.2026.
Law Points
- Corporate Insolvency Resolution Process
- Section 9
- I & B Code
- 2016
- Interim Orders
- Settlement of Disputes
