National Asset Reconstruction Company ... vs Wind World Wind Resources Development ...

IN THE MATTER OF: National Asset Reconstruction Company Ltd. ...Appellant

Versus

Wind World Wind Resources Development Pvt. Ltd. ...Respondent

Present: For Appellant : Mr. Abhishek Anand, Ms. Smriti Chriwal, Mr. Jaiveer Kant, Advocates. For Respondent :

ORDER

(Hybrid Mode)

20.02.2025: This appeal has been filed against order dated 17.01.2025

passed by NCLT, Ahmedabad, Division Bench, Court No.1 in

IA/958(AHM)2024 in CP(IB)/150(AHM)2024. Grievance of the Appellant is

that by the impugned order the Adjudicating Authority has impleaded the Yes

Bank as party respondent, issued notice to the Yes Bank and reply has been

called for. It is submitted that Yes Bank is another Financial Creditor of the

Corporate Debtor. The case of the Corporate Debtor is that the account of the

Corporate Debtor with Yes Bank is not NPA. It is submitted that in the

application filed by the Appellant - Financial Creditor under Section 7, Yes

Bank was not a necessary party.

2. We have considered the submissions of learned counsel for the

Appellant and perused the record.

Cont'd.../ 2

3. The Adjudicating Authority accepted the request of the Corporate

Debtor to issue notice to the Yes Bank. The direction to file reply which has

been issued to the Yes Bank can at best be a direction with regard to account

of the Corporate Debtor maintained by the Yes Bank and another financial

creditor of course shall only bring the facts pertaining to the Corporate Debtor

and the account maintained by the Yes Bank. We are of the view that Section

7 application being pending before the Adjudicating Authority, it is

appropriate that the Adjudicating Authority may proceed to decide the

application filed by the Appellant - Financial Creditor. We clarify that notice

and right given to the Yes Bank to reply shall confine to the account of the

Corporate Debtor maintained by the Yes Bank. The Adjudicating Authority

shall endeavour to dispose of the Section 7 application at an early date. With

observations as above, appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No.305 of 2025