Authority: National Company Law Tribunal, Indore Bench, Court No. 1
Order Date: 13 July 2026
Case Overview
The proceedings involve an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by financial creditor Drip Capital Inc. against corporate debtor AGS Foods India Pvt Ltd. The matter was listed before a bench comprising Hon'ble Shri Brajendra Mani Tripathi (Member Judicial) and Hon'ble Shri Man Mohan Gupta (Member Technical). Both parties were represented by their legal counsel through online appearance. The key development is that the parties had previously entered into a settlement agreement to resolve the insolvency proceedings. However, during the hearing, counsel for both parties jointly submitted that the terms of this settlement agreement had not been adhered to by the concerned parties. Consequently, both parties prayed that the matter should not be settled through the agreement but instead be heard and decided on its merits by the tribunal.
Final Outcome
The NCLT Indore Bench acknowledged the joint submission regarding non-compliance with the settlement terms and accordingly adjourned the matter. The case has been listed for next hearing on 7 August 2026, when it will be heard on merits rather than through the settlement process. The order was signed by both members of the bench.
Topics: Corporate Insolvency, Settlement Agreement, NCLT Proceedings