Shivraj Siddharam Mhetre vs Union Bank Of India & Anr
- CitationCompany Appeal (AT) (Insolvency) No. 1057 of 2025
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority, having found on the material before it that the financial creditor had proved both debt and default, and having considered the corporate debtor's objections, was right to admit an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 that is complete in all respects; no error lies in admitting it where debt and default are established.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Shivraj Siddharam Mhetre ...Appellant
Versus
Union Bank of India & Anr. ...Respondents
Present: For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr. Anuj Tiwari, Ms. Shalini Basu, Ms. Kaanchi Ahuja, Mr. Vaibhav Vats, Advocates. For Respondents : Mr. Krishnendu Datta, Sr. Advocate with Ms. Anjali Sharma, Ms. Alina Merin Mathew, Ms. Ragini Vinaik, Advocates for R-1. Mr. Kunal Kanungo, Ms. Tanushree Sogani, Mr. Atishey Jain, Advocates for R-2. Mr. Arvind Nayar, Sr. Advocate with Mr. Vivek Jain, Mr. Swapnil Srivastava, Mr. Jayesh Srivastava, Mr. Rishabh Periwal, Ms. Diksha Dadu, Mr. Akshay Joshi, Advocates for Intervener.
ORDER
(Hybrid Mode)
24.09.2025: Heard learned counsel for the Appellant as well as learned
counsel appearing for the Respondent Bank. This appeal has been filed
against the order passed by the Adjudicating Authority dated 17.07.2025 by
which order Section 7 application filed by the Union Bank of India has been
admitted.
2. The Bank has filed Section 7 application claiming debt and default of
an amount of Rs.56,00,99,701,/-. Reply was filed by the Corporate Debtor
Cont'd.../ and matter was heard. The Adjudicating Authority returned the finding that
Financial Creditor has successfully proved the debt and default. The
objections raised by the Corporate Debtor were also considered. It was held
that the application filed by the Financial Creditor is complete in all respects.
The judgment of Hon'ble Supreme Court in M/s Innoventive Industries Ltd. vs.
ICICI Bank & Anr. as well as judgment of M. Suresh Kumar Reddy vs. Canara
Bank & Ors. was noticed.
3. We are of the view that the Adjudicating Authority having come to the
conclusion that debt and default has been proved, no error has been
committed by the Adjudicating Authority in admitting Section 7 application.
There is no merit in the appeal. Appeal is dismissed.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical) Archana/nn
Company Appeal (AT) (Insolvency) No. 1057 of 2025 2 of 2
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