Kansal Buiding Solutions Pvt Ltd vs Dena Bank (Now Known As Bank Of Baroda)

Company Appeal (AT) (Insolvency) No. 478 of 2019

IN THE MATTER OF:

Kansal Building Solutions Pvt. Ltd. ...Appellant

Versus

Dena Bank (Now known as Bank of Baroda) ...Respondent

Present:

For Appellant : Mr. K. Kumar, Advocate

ORDER

03.05.2019 This appeal has been preferred by 'Kansal Building Solutions

Pvt. Ltd.' (Corporate Debtor) against the order dated 25th March, 2019 passed by

the Adjudicating Authority (National Company Law Tribunal), Principal Bench,

New Delhi admitting the application u/s 7 of the Insolvency and Bankruptcy

Code, 2016 (for short, 'the I&B Code') filed by the Respondent 'Dena Bank'

(Financial Creditor). Learned counsel appearing on behalf of the Appellant

submits that the application filed by the respondent is not complete. However,

we are not inclined to accept such submission on the following grounds:

i) After admission of the application u/s 7 of the I&B Code, the appeal

u/s 61 of the I&B Code by the 'Corporate Debtor' is not maintainable

in view of the decision of the Hon'ble Supreme Court in

'Innoventive Industries Ltd. v. ICICI Bank' - (2018) 1 SCC 407]. -2-

ii) Form 1 of the I&B Code filed by the Appellant (Respondent herein)

the Adjudicating Authority was satisfied that Form 1 is complete and

there is 'debt' and 'default'.

For the reasons aforesaid, we dismiss the appeal. No cost.

[Justice S.J. Mukhopadhaya] Chairperson

[ Justice A.I.S. Cheema ] Member (Judicial)

[ Kanthi Narahari ] Member (Technical)

/ns/gc

Company Appeal (AT) (Insolvency) No. 478 of 2019