Ms. Poorani Nagarajan, (Shareholder In ... vs Indian Bank & Ors

Ms. Poorani Nagarajan, (Shareholder in M/s. Infinitas Energy Solutions Pvt. Ltd. ...Appellant

Versus

Indian Bank & Ors. ...Respondents

Present:

For Appellant : Shri Karthick Ranganathan, Shri T. S. Sundaram and Shri R. Vishnu Kumar, Advocates

ORDER

18.12.2017 By the impugned order dated 18th September, 2017, the

Adjudicating Authority (National Company Law Tribunal), Chennai admitted the

application under Section 7 of the Insolvency and Bankruptcy Code, 2016

(hereinafter referred to as the "I&B Code") having noticed that there is a debt and

default and documents filed by the respondent - Indian Bank (Financial Creditor)

is complete.

Learned counsel appearing on behalf of the appellant challenging the

impugned order submitted that the Joint Lenders Forum, in their meeting had

already decided to revive the Corporate Debtor and, therefore, it cannot be

treated to be a default on the part of the appellant. He placed reliance on a

notice dated 14th September, 2017 issued by the Financial Creditor, just before

the admission of the application asking the appellant to discuss its action plan

Company Appeal (AT) (Insolvency) No. 318 of 2017 1 for recovery of the bank dues. However, we find that letter was issued by the

Financial Creditor, after notice and hearing the parties by the Adjudicating

Authority but before passing of the impugned order dated 15th September, 2017.

According to us the correspondence aforesaid will not render the impugned order

illegal.

Admittedly, there being a debt due from the appellant and the appellant

having committed default and record being complete, no ground made out to

interfere with the impugned order. In absence of any merit, the appeal is

dismissed. No cost.

[Justice S.J. Mukhopadhaya] Chairperson

[ Justice Bansi Lal Bhat ] Member (Judicial)

/ns/uk

Company Appeal (AT) (Insolvency) No. 318 of 2017 2