Disposed

In the matter of State Bank of India v. Satya Prakash Pandey, Cp (IB)/394(KB)/2021

NCLT15 Jul 2022

Case brief

AI extract

What is this about?

The NCLT Kolkata Bench reserved this application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. Following a Supreme Court order adjourning similar challenges to the validity of the Code, this matter stands adjourned to await the Supreme Court outcome, with a direction to the respondent not to dispose of assets.

What did the court decide?

Adjourned the matter to await the outcome of pending Supreme Court writ petitions; directed the respondent not to transfer or alienate any assets.

In the matter of State Bank of India Vs. Satya Prakash… — Insolvency and Bankruptcy | NCLT (2022)

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH KOLKATA

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C.P.(IB)/394(KB)2021

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Under section 95(1) of the Insolvency and Bankruptcy Code, 2016 read with rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019.

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In the matter of: State Bank of India ...Applicant -VersusSatya Prakash Pandey ... Respondent

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Order Reserved on: 22/06/2022 Order Pronounced on: 15/07/2022 Coram: Shri Rohit Kapoor : Member (Judicial) Shri Harish Chander Suri : Member (Technical)

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Appearances (through video conferencing) For Financial Creditor : Ms. Rituparna Sanyal, Adv.

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O R D E R

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Per: Rohit Kapoor, Member (Judicial)

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The Court convened via hybrid mode.

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In the National Company Law Tribunal Kolkata Bench, Kolkata

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CP(IB)/394(KB)2021 State Bank of India -vs-, Satya Prakash Pandey

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This matter was reserved for orders on 22/06/2022.

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Meanwhile, a recent order dated 08/07/2022, passed by the Hon’ble Supreme Court in Writ Petition (Civil) No. 478/2022 ( Gaurav Garg -vs- Union of India & Ors. ) with W.P.(C) No. 485/2022 and W.P.(C) No. 486/2022 , has been brought to our notice, wherein the Hon’ble Supreme Court has passed the following order: -

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“It is submitted that the issues involved in these writ petitions are similar and akin to those involved in other petitions pending in this Court questioning the validity of Sections 95(1), 96(1), 97(5), 99(1), 99(2), 99(4), 99(5), 99(6) and 100 of the Insolvency and Bankruptcy Code, 2016, wherein notices have been issued with interim orders.

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Issue notice returnable in six weeks.

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Tag with W.P(C)No. 307 of 2022.

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In the meanwhile, petitioner(s) shall not transfer, alienate, encumber or dispose of any of their assets or legal rights or beneficial interest therein; and the Resolution Professional shall not proceed with filing of the report.”

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4. In view of the above, this matter stands adjourned to 06/09/2022 to await the outcome of the Writ Petitions pending before the Hon’ble Supreme Court.

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5. However, as observed by the Hon’ble Supreme Court, we hereby direct the respondent-personal guarantor not to transfer, alienate, encumber or dispose of any of his assets or legal rights or beneficial interest therein.

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In the National Company Law Tribunal Kolkata Bench, Kolkata

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CP(IB)/394(KB)2021 State Bank of India -vs-, Satya Prakash Pandey

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6. The Registry is hereby directed to send e-mail copies of the order forthwith to all the parties and their Ld. Counsel for information and for taking necessary steps.

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7. Certified Copy of this order be issued, if applied for, upon compliance of all requisite formalities.

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Harish Chander Suri Member (Technical)

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Rohit Kapoor Member (Judicial)

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Signed this, 15^th day of July, 2022.

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hb.

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