Mr. Rajiv Munjal vs Yes Bank Limited
- CitationCompany Appeal (AT) (Insolvency) No.395 of 2024
Ratio decidendi
The rule this decision rests on
The Tribunal's reasoning rests on the following: where a corporate debtor's appeal against the admission of a Section 7 application is confined to challenging the adjudicating authority's order, and the appellant's own submission that it proposes to enter into a settlement amounts to an acknowledgment that debt and default are admitted, the existence of debt and default is established and is not open to challenge in the appeal; and where the adjudicating authority has recorded a finding of debt and default in admitting the Section 7 application, and no such finding is shown to be erroneous, no error is committed in admitting the application and the appeal fails.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Rajiv Munjal, Suspended Director of Indrajit Power Pvt. Ltd. ...Appellant
Versus
J C Flower Asset Reconstruction Pvt. Ltd. & Anr. ...Respondents
Present: For Appellant : Mr. Sanampreet Singh, Ms. Shivani Sharma, Advocate. For Respondents : Mr. Chitranshul A. Sinha, Ms. Pallavi, Mr. Shivam Shorewala, Ms. Rakshita Bhargava, Advocates for R- 3. Mr. Shashnak Agarwal, Advocate for RP Ms. Varsha Banerjee, Mr. Vishwjeet Singh, Advocates for Interveners.
ORDER
(Hybrid Mode)
07.01.2025: Heard learned counsel for the Appellant as well as learned
counsel for the Respondent. This appeal has been filed against order dated
01.02.2024 by which Section 7 application filed by the Yes Bank Ltd. now
substituted by J.C. Flower Asset Reconstruction Pvt. Ltd. has been admitted.
When the appeal was considered, submission was made by the Appellant that
Appellant is taking steps for settlement and time was taken on 18.03.2024
and 22.05.2024. Last opportunity was granted on 01.10.2024 and
05.11.2024.
2. When the Appeal was taken up today, learned counsel for the Appellant
submits that no settlement could be entered. The Adjudicating Authority has
Cont'd.../ 2
admitted the Section 7 application recoding finding of debt and default which
is not even questioned in the appeal. The submission of the Appellant that
he proposes to enter into settlement, itself makes it clear that debt and default
are admitted. In view of the aforesaid, we do not see any good ground to
entertain this appeal. No error has been committed by the Adjudicating
Authority in passing order dated 01.02.2024 admitting Section 7 application.
Appeal is dismissed.
[Justice Ashok Bhushan] Chairperson
[Arun Baroka] Member (Technical) Archana/nn
Company Appeal (AT) (Insolvency) No. 395 of 2024
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free