Gaurav Jaina vs Bank Of India & Anr

Bank of India & Anr. ...Respondents

Present: For Appellant : Mr. Gaurav Kejriwal and Mr. Gaurav Choudhary, Advocates

ORDER

12.03.2020 'Bank of India' filed an application under Section 7 of the 'I&B

Code' pursuant to which Adjudicating Authority (National Company Law

Tribunal), Guwahati Bench by impugned order dated 12th February, 2020

initiated 'corporate insolvency resolution process' against 'M/s. Agnipa Energy

Private Limited' (Corporate Debtor).

Learned counsel for the Appellant submits that there is a suit pending

inter se the parties and admission of application under Section 7 of the 'I&B

Code' would result in pre-empting the decision pending in the suit. It was further

submitted that because of the failure on the part of the Bank wrong insurance

policy was taken which resulted in the Corporate Debtor's taking advantage of

the same and because of this dispute pending, the Adjudicating Authority

admitted the application under Section 7.

It is not disputed that there is a 'debt' payable by the Corporate Debtor to

the Bank as loan having taken, the default has not been disputed and there is

ground for rejection of the application under Section 7 of the I&B Code. -2-

In the circumstances, we are not inclined to interfere with the impugned

order dated 12th February, 2020. The appeal is dismissed. No costs.

[Justice S.J. Mukhopadhaya] Chairperson

[ Justice Bansi Lal Bhat ] Member (Judicial)

[ Shreesha Merla ] Member (Technical)

/ns/gc/

Company Appeal (AT) (Insolvency) No. 401 of 2020