El Dorado Biotech Private Limited vs Piramal Capital & Housing Finance ...

El Dorado Biotech Pvt. Ltd. ...Appellant

Versus

Piramal Capital & Housing Finance Ltd. ...Respondent

Present: For Appellants: Mr. Abhijit Sinha, Sr. Advocate with Mr. M.S. Vishnu Sankar, Mr. Lzafeer Ahmad B.F., Advocates. For Respondent: Mr. Gopal Jain, Sr. Advocate with Ms. Chitra Rentala, Ms. Kriti Srivastava, Mr. Manikanda Prabhu, Ms. Shatakshi Tripathi, Advocates.

ORDER

(Hybrid Mode)

28.03.2024: Heard Shri Abhijeet Sinha, learned senior counsel for the

Appellant and Shri Gopal Jain, learned senior counsel appearing for the

Respondent. This Appeal has been filed against order passed by the

Adjudicating Authority dated 04.01.2024 by which I.A. No.3127 of 2023 filed

by the Appellant has been rejected.

2. Learned counsel for the Appellant submits that Appellant was not a

creditor of the Corporate Debtor which is essential condition for holding any

transaction as preferential transaction under Section 43. It is submitted that

the Appellant was not a creditor and his name ought not to have been

impleaded in I.A. No.2524 of 2020, which was avoidance application.

Cont'd.../ -2-

3. Shri Gopal Jain, learned senior counsel for the Respondent does not

dispute the submission that Appellant is not a creditor. Learned counsel for

the Respondent submits that as per para 5.24 of I.A. No.2524 of 2020, the

Appellant was not a creditor of the Corporate Debtor. Proceedings for

preferential transaction could have been proceeded only against the creditors

and the Appellant being not a creditor of the Corporate Debtor, the

Adjudicating Authority ought to have been deleted the name of the Appellant

from I.A. No.2524 of 2020. Learned counsel for the Respondent submits that

there are other Respondents to the I.A. against whom the application has to

be proceeded with and decided.

4. We make it clear that we are only concerned in present case with regard

to Appellant's name, who is party respondent in I.A. No.2524 of 2020. In view

of the submissions of counsel for the parties, as noticed above, we are of the

view that I.A. No.3127 of 2023 deserve to be allowed and name of the Appellant

be deleted from I.A. No.2524 of 2020. Appeal is disposed of accordingly.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No.378 of 2024