Idbi Bank Ltd vs Chandra Prakash Jain Resolution ...

(Arising out of order dated 07.09.2021 passed by the Hon'ble National Company Law Tribunal, Ahmedabad Bench, in IA/580(AHM)2021 in CP (IB) No. 321 of 2020)

In the matter of: IDBI Bank Ltd. ....Appellant Vs. Chandra Prakash Jain Resolution Professional of M/s Sintex Prefab & Infra Ltd. ...Respondent

Present For Appellant: Ms. Aastha Mehta and Mr. Ravi Pahwa, Advocates.

For Respondent: Mr. Rana Mukherjee, Sr. Advocate with Mr. Rajesh Srivastava, Advocate.

ORDER

(Through Virtual Mode)

25.10.2021: Heard Ld. Counsel for the Appellant. He submits that

without giving any notice or reasonable opportunity for hearing, Ld.

Adjudicating Authority passed the impugned order on 07.09.2021.

Ld. Counsel appearing on behalf of the Respondent submits that it is

true that no notice has been served on Appellants before passing impugned

order, but the Appellants are the members of the COC. Therefore, it is not

required to give notice, or opportunity of hearing to them. -2-

After hearing, Ld. Counsels for the parties, we have gone through the

order. The impugned order was passed without giving any notice or opportunity

of hearing. Therefore, we set aside the same and the matter is remitted back to

Ld. Adjudicating Authority with the direction that after giving reasonable

opportunity to the parties decide the application (I.A. No. 580/AHM/ 2021)

afresh as per law within four weeks.

Ld. Counsel for the Appellant undertakes to file the Reply of the aforesaid

application on or before 10.11.2021 and shall not pray further time to file the

Reply.

The Appellant is directed not to appropriate the money till disposal of the

aforesaid Application.

With the aforesaid directions the Appeal is disposed of.

Registry is directed to send the copy of order to the concern Adjudicating

Authority forthwith.

[Justice Jarat Kumar Jain] Member (Judicial)

[Dr. Alok Srivastava] Member (Technical)

sr/gc Company Appeal (AT) (Ins) No. 850 of 2021