Mr. Rajbir Singh vs State Bank Of India
- CitationCompany Appeal (AT) (Insolvency) No. 101 of 2022
Ratio decidendi
The rule this decision rests on
The appeal is dismissed at the threshold because the challenged order under Section 95 of the Insolvency and Bankruptcy Code, 2016 has not yet been followed by admission of the creditor's application; the Appellant's objections on the statutory conditions in Section 95(4)(b) and the forum under Section 60(2) can be raised before the Adjudicating Authority before admission, and the Appellate Tribunal will not entertain an appeal at this interim stage.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Ranjit Singh ...Appellants
Versus
State Bank of India ...Respondent
Present: For Appellants: Mr. Apoorv Agarwal, Advocate.
For Respondent: Mr. PBA Srinivasan, Mr. Parth Tandon and Ms. P. S. Chandralekha, Advocates.
ORDER
(Virtual Mode)
02.02.2022: Heard learned counsel for the Appellant and Shri PBA
Srinivasan, learned counsel appearing for the Respondent. This Appeal has
been filed against order dated 19.08.2021 passed by the Adjudicating
Authority (National Company Law Tribunal), New Delhi, Bench VI on
application filed by State Bank of India under Section 95 of the Insolvency and
Bankruptcy Code, 2016 (hereinafter referred to as 'Code'). Order has been
passed for making recommendations by the Resolution Professional, Mr.
Deepak Maini within the stipulated time as envisaged under the provisions of
Section 99 of the Code. The Appellant is aggrieved by the impugned order and
challenged the same in this Appeal.
2. Learned counsel for the Appellant submits that the condition as
required under Section 95 sub-section (4) (b) has not been satisfied and
therefore, application could not have been initiated. He further submits that
with regard initiation of proceedings application should have been filed as per
Cont'd.../ 2
Section 60(2). Now the matter has already been transferred to the Principal
Bench, where it is pending.
3. Shri Srinivasan submits that application under Section 95 has not yet
been admitted. It is still pending and Appellant can file his objections before
the Adjudicating Authority before admission of the application.
4. We are of the view, at this stage, this is not a fit case to be entertained
in the appellate jurisdiction of this Tribunal. The Appellant shall be at liberty
to raise all his objections before the Adjudicating Authority on the Application
under Section 95 before its admission. The Appeal is dismissed subject to
liberty as above.
[Justice Ashok Bhushan] Chairperson
[Dr. Alok Srivastava] Member (Technical) Archana/nn
Company Appeal (AT) (Insolvency) No. 101 of 2022
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