NCLT held that a Section 7 petition filed by a financial creditor against the same corporate debtor became infructuous due to a prior admission order, leading to its dismissal.
Petition dismissed as infructuous; connected application closed; creditor directed to file claims with IRP.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN TIIE NATIONAL COMPAI{Y LAWTRIBUNAL CUTTACK BENCH CUTTACK
C,P (B)No.l99/CB/2020
In the matter of:
An application under Section 7 of Insolvency and Bankruptry Code, 2016, read with rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016;
-And-
In the matter of:
Indian Overseas Bank, a body corporate constituted under the Banking Companies (Acquisitin and Transfer of undertaking) Act, 1970 having its head office at:763, Anna Salai, Chennai- 600002 and Branch Office amongst other place also at Saheed Nagar Brach, At: Bhubaneswar- 75L024;
... Applicant/Financial Creditor
-Versus-
... Respondent /Corporate Debtor
Coram:
Shri P. Mohan Raj : Member (Judicial
Shri Satya Ranjan Prasad Member (Technical)
Page 1 of3
IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH
C.P (IB) No. 199lCB /2020
Inre: Indian Overseas Bank V, Srabani Construction PivateLimitedand Ors
Appearances (through video conferencing)
For the Petitioner Mr. S. Jena, PCS For the Respondent Mr. Sougat Sougat Dash
Mr. Sougat Sougat Dash
Order reseryed o* 06,05,2022 Order pronounced onz 10,05,2022
ORDER
Per: Satya Ranjan Prasad Member (Technical)
Page 2 of3
IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACI( BENCH
C.P (IB) No" 199/CB/2024
In re; Indian Overseas Bank V. Srabani ConstructionPrivate Limitedand Ors.
Post and e-mail immediately, and in any case, not later than two days
from the date of this Order.
-z
@ Member (Judicial)
Signed on this 10s day of May,2022
Ravijeet_P.S.
Page 3 of3
1 issue framed by the court
Whether a financial creditor's petition under Section 7 becomes infructuous upon the admission of a related Corporate Insolvency Resolution Process petition.
2 provisions across 2 enactments
Indian Overseas Bank
Srabani Construction Private Limited
P. Mohan Raj
Satya Ranjan Prasad
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
