Partly allowed

In the matter of Gvk Transportation Pvt. Ltd. Ia(Ibc) 436-2024, Ia (Ibc) 560 & 595-2022 in Cp(Ib) No.69-7-HDB-2022]

NCLT21 Feb 2024

Case brief

AI extract

What is this about?

The Tribunal allowed IA 436/2024 admitting additional documents related to proceedings under OA 12/2023 and directed the Financial Creditor to file comments within two days. Orders on the main petition and other listed applications were reserved pending written submissions.

What did the court decide?

Incoming under IA 436/2024 allowed; declarations 651/2022, 598/2022, 595/2022, and 560/2022 reserved.

In the matter of Gvk Transportation Pvt. Ltd. Ia(Ibc)… — Insolvency and Bankruptcy | NCLT (2024)

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S.No.4

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IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – 1

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VC AND PHYSCIAL (HYBRID) MODE

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ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 21-02-2024 AT 10:30 AM

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CP(IB) No.69/7/HDB/2022 and

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IA(IBC) 436/2024, IA (IBC) 560 & 595/2022 in CP(IB) No.69/7/HDB/2022 u/s. 7 of IBC, 2016

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IN THE MATTER OF:

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M/s. JC Flowers Asset Reconstruction Pvt Ltd

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…Financial Creditor

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GVK Transportation Pvt Ltd

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…Corporate Debtor

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C O R A M:-

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DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL) SH. CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)

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O R D E R

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CP(IB) No.69/7/HDB/2022

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Learned Counsel Ms Meghana, for Financial Creditor and Learned Counsel Ms Siva Praneetha Sriramula, for Corporate Debtor present physically. Matter passed over.

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Matter called again.

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It is found from the daily order sheets that Counsels for both sides were heard on 06.07.2023 and thereafter at the request of Counsels of both the sides, time was granted for filing written submissions, as a last chance and posted the matter to 24.07.2023.

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On 24.07.2023, while once again at their request, giving liberty to both sides to file written submissions, if not filed already, the above company petition was adjourned to 10.08.2023 for orders.

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CP(IB) No.69/7/HDB/2022 and IA(IBC) 436/2024, IA (IBC) 560 & 595/2022 in CP(IB) No.69/7/HDB/2022 DOO: 21.02.2024

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M/s. JC Flowers Asset Reconstruction Pvt Ltd VS GVK Transportation Pvt Ltd

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:2:

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However, on 10.08.2023, the company petition was reopened as clarification regarding the implementation of the order in IA 594/2022, was required. Subsequently, the Financial Creditor had cured the defect of not carrying out amendment.

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Thereafter, once again this CP, along with other IAs i.e. 651/2022, 598/2022, 595/2022 and 560/2022 came up for hearing on 24.01.2024, where upon, the Ld. Counsel on record for the Corporate Debtor submitted that her office has given up the vakalat for the Corporate Debtor and memo to that effect has been e-filed. Hence, the matter was adjourned to the next day i.e. 25.01.2024.

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On 25.01.2024, Ld. Counsel Ms. Siva Praneetha Sriramula filed vakalat for the Corporate Debtor and requested for time to make submissions. At her request, the matter was adjourned to 09.02.2024 along with other IAs.

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On 09.02.2024, once again at the request of the Ld. Counsel Ms. Siva Praneetha Sriramula for the Corporate Debtor, the matter has been adjourned to 21.02.2024. However, in the proceedings dated 25.01.2024 and 09.02.2024, the daily order as regards to main CP No. 69/7/HDB/2022 was inadvertently omitted.

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Meanwhile, the Corporate Debtor also filed IA No. 436/2024 praying to receive some documents. Therefore, in the above backdrop, the following order is passed today.

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(a) IA No 651/2022: Orders already reserved.

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(b) IA 598/2022: Order in this will be passed after passing order in IA No 651/2022.

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(d) IA No 560/2022 : Orders in this IA will be passed at the time of passing order in the Company Petition.

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CP(IB) No.69/7/HDB/2022 and IA(IBC) 436/2024, IA (IBC) 560 & 595/2022 in CP(IB) No.69/7/HDB/2022 DOO: 21.02.2024

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M/s. JC Flowers Asset Reconstruction Pvt Ltd VS GVK Transportation Pvt Ltd

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:3:

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(e) IA No 436/2024 is to bring on record additional documents filed by the applicant. Since these documents relate to the proceedings in OA No 12/2023, which OA was filed by the Indian Bank and two others against the Corporate Debtor herein and others before DRT, Hyderabad subsequent to filing of this Company Petition, these documents are received however by giving liberty to the respondent/Financial Creditor to file comments/additional pleadings not exceeding two pages only in respect of these documents within two days from date of this order. Accordingly, this IA is allowed and disposed of.

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(f) Since we have extensively heard the learned counsels for both sides in the company petition and written submissions from the Petitioner’s side is already received, Orders in CP and in IA No. 595/2022, IA No. 560/2022, IA No. 651/2022, are reserved.

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SD/- MEMBER (T)

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Binnu

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SD/- MEMBER (J)

In the matter of Gvk Transportation Pvt. Ltd. Ia(Ibc) 436-2024, Ia (Ibc) 560 & 595-2022 in Cp(Ib) No.69-7-HDB-2022]

Case brief

What is this about?

What did the court decide?

In the matter of Gvk Transportation Pvt. Ltd. Ia(Ibc) 436-2024, Ia (Ibc) 560 & 595-2022 in Cp(Ib) No.69-7-HDB-2022]

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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