Soma Enterprise Ltd vs State Bank Of India

Present: For Appellant : Mr. Arun Kathpalia, Senior Advocate with Mr. Uttam Datt and Ms. Sonakshi Singh, Advocates

ORDER

29.03.2019 Having heard learned counsel for the appellant and being

satisfied with the grounds, the delay of 11 days in preferring the appeal is

condoned.

I.A. No. 1143 of 2019 stands disposed of.

This appeal has been preferred by the 'Corporate Debtor' - 'Soma

Enterprises Limited' against the order dated 12th February, 2019 whereby an

application under Section 7 of the 'I&B Code' filed by the 'State Bank of India'

has been admitted. However, this appeal is not maintainable at the instance of

the 'Corporate Debtor' in view of the decision of the Hon'ble Supreme Court in

"Innoventive Industries Ltd. v. ICICI Bank", (2018) 1 SCC 407] (Para 11),.

Learned counsel for the appellant submits that the impugned order dated

12th February, 2019 has been stayed by the Hon'ble Supreme Court in the Writ

Petition (Civil) No. 1411/2018 dated 20th February, 2019 filed by the 'Corporate

Debtor'. In that view of the matter as the impugned order is under consideration -2-

before the Hon'ble Supreme Court, we are not inclined to interfere with the same

apart from the fact that the appeal is not maintainable at the instance of the

'Corporate Debtor'.

The appeals is disposed of with liberty to the shareholder/directors to

challenge the order, if impugned order dated 12th February, 2019 is revived. If

the impugned order dated 12th February, 2019 is revived due to dismissal of the

Writ Petition by the Hon'ble Supreme Court, in such case the period of the

pendency of the case before the Hon'ble Supreme Court may be extended to

count the delay.

[Justice S.J. Mukhopadhaya] Chairperson

[ Justice A.I.S. Cheema ] Member (Judicial)

/ns/sk/

Company Appeal (AT) (Ins.) No. 314 of 2019