Authority: National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj
Order Date: 9th June, 2026
Case Overview
This order pertains to an insolvency petition, CP (IB) No.12/ALD/2024, filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition involves M/s Shivaan Exports & Imports as the Operational Creditor and Jain Mfg. (India) Private Limited as the Corporate Debtor. During the hearing on 9th June 2026, counsel for the Corporate Debtor, Sh. Shubham Agarwal, appeared virtually and informed the bench that a settlement had been reached between the parties, referencing a settlement agreement dated 9th December 2025. He further stated that a supplementary affidavit confirming this settlement had been filed on the tribunal's e-portal but was currently under a defect. There was no representation from the Operational Creditor to verify or confirm this claim of settlement.
Final Outcome
The two-member bench, comprising Hon'ble Member (Judicial) Sh. Praveen Gupta and Hon'ble Member (Technical) Sh. Ashish Verma, adjourned the matter. The tribunal directed the Operational Creditor to furnish specific instructions confirming the satisfaction of the claimed settlement by the next date of hearing. The matter has been listed for a final hearing on 7th July 2026. The order states that if the Operational Creditor fails to confirm the settlement, further orders will be passed in accordance with law.
Topics: Insolvency Proceeding, Settlement, NCLT