w w w . L a w y e r S e r v i c e s . i n



Sew Infrastructure Ltd. v/s Mahendra Investment Advisors Pvt. Ltd.


Company & Directors' Information:- SEW INFRASTRUCTURE LIMITED [Active] CIN = U45200TG1983PLC003796

Company & Directors' Information:- MAHENDRA INVESTMENT ADVISORS PRIVATE LIMITED [Active] CIN = U67190TG2004PTC058625

Company & Directors' Information:- P V T INVESTMENT LIMITED [Amalgamated] CIN = U74899DL1988PLC121600

Company & Directors' Information:- S P ADVISORS PVT LTD [Active] CIN = U74140WB1996PTC078207

Company & Directors' Information:- P V T INVESTMENT LTD [Not available for efiling] CIN = U67120PB1988PLC008068

Company & Directors' Information:- S T INVESTMENT PRIVATE LIMITED [Amalgamated] CIN = U65993WB1990PTC050032

Company & Directors' Information:- H. L. INVESTMENT COMPANY LIMITED [Amalgamated] CIN = U65990WB1975PLC128186

Company & Directors' Information:- Q INDIA INVESTMENT ADVISORS PRIVATE LIMITED [Active] CIN = U67190MH2005PTC156790

Company & Directors' Information:- M M INVESTMENT PRIVATE LIMITED [Converted to LLP] CIN = U65921CT2008PTC020533

Company & Directors' Information:- G. N. G. INVESTMENT LIMITED [Active] CIN = U65910GJ1981PLC004128

Company & Directors' Information:- A S G S INVESTMENT PRIVATE LIMITED [Active] CIN = U74120DL2008PTC173938

Company & Directors' Information:- G L INVESTMENT PVT LTD [Active] CIN = U65993WB1991PTC051072

Company & Directors' Information:- C & C INVESTMENT LTD [Active] CIN = U67120AS1976PLC001654

Company & Directors' Information:- S M S INVESTMENT CORPORATION PRIVATE LIMITED [Active] CIN = U74899DL1963PTC003988

Company & Directors' Information:- V R V INVESTMENT PRIVATE LIMITED [Active] CIN = U67120WB1985PTC039793

Company & Directors' Information:- S P INVESTMENT PVT LTD [Active] CIN = U70109WB1961PTC025099

Company & Directors' Information:- R H INVESTMENT PRIVATE LIMITED [Active] CIN = U99999MH1978PTC020633

Company & Directors' Information:- T N B INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1986PTC025590

Company & Directors' Information:- A R S INVESTMENT PVT LTD [Active] CIN = U65993WB1990PTC048513

Company & Directors' Information:- V B ADVISORS PRIVATE LIMITED [Active] CIN = U74140DL2004PTC124365

Company & Directors' Information:- V P INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015714

Company & Directors' Information:- INDIA INVESTMENT ADVISORS PRIVATE LIMITED [Strike Off] CIN = U65923MH2012PTC229802

Company & Directors' Information:- D N J INVESTMENT ADVISORS PRIVATE LIMITED [Active] CIN = U65993TG2006PTC051676

Company & Directors' Information:- S M D INVESTMENT LIMITED [Strike Off] CIN = U65993TN1995PLC033139

Company & Directors' Information:- G R D INVESTMENT PVT LTD [Amalgamated] CIN = U67120WB1980PTC032727

Company & Directors' Information:- C AND N INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015710

Company & Directors' Information:- S G M ADVISORS PRIVATE LIMITED [Active] CIN = U74120DL2008PTC173485

Company & Directors' Information:- R INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U65993TZ1988PTC002181

Company & Directors' Information:- H N G L INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1995PTC066774

Company & Directors' Information:- K M S INVESTMENT PRIVATE LIMITED [Active] CIN = U67120UP1993PTC015287

Company & Directors' Information:- U M INVESTMENT PVT LTD [Active] CIN = U70101WB1979PTC032160

Company & Directors' Information:- A S T INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U67120DL1996PTC082812

Company & Directors' Information:- SEW PRIVATE LIMITED [Active] CIN = U74999DL2017PTC322895

Company & Directors' Information:- B N E INVESTMENT LTD [Not available for efiling] CIN = U67120WB1974PLC029360

Company & Directors' Information:- K S J INVESTMENT COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC061335

Company & Directors' Information:- P T INVESTMENT PVT LTD [Strike Off] CIN = U65999WB1995PTC067065

Company & Directors' Information:- K. S. R. INVESTMENT LIMITED [Strike Off] CIN = U65992UP1988PLC010253

Company & Directors' Information:- 1-0 ADVISORS INDIA PRIVATE LIMITED [Active] CIN = U74140RJ2013FTC042564

Company & Directors' Information:- MAHENDRA (INDIA) LIMITED [Active] CIN = U17114GJ1990PLC013483

Company & Directors' Information:- J T INVESTMENT PVT LTD [Strike Off] CIN = U65923WB1979PTC032344

Company & Directors' Information:- G. K. ADVISORS PRIVATE LIMITED [Active] CIN = U74140MP2007PTC019317

Company & Directors' Information:- INFRASTRUCTURE ADVISORS PRIVATE LIMITED [Active] CIN = U74900MH2010PTC203160

Company & Directors' Information:- P & O ADVISORS PRIVATE LIMITED [Strike Off] CIN = U74120MH2012PTC235204

Company & Directors' Information:- R K INVESTMENT LTD [Strike Off] CIN = U65993WB1969PLC027398

Company & Directors' Information:- N M G C INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U74899DL1982PTC014603

Company & Directors' Information:- G S ADVISORS PRIVATE LIMITED [Active] CIN = U51909WB2008PTC131597

Company & Directors' Information:- T M INVESTMENT CO PVT LTD [Active] CIN = U67120WB1971PTC028172

Company & Directors' Information:- S. A. F. INVESTMENT LIMITED [Active] CIN = U67120DL1997PLC088611

Company & Directors' Information:- H K (INVESTMENT) COMPANY PRIVATE LIMITED [Active] CIN = U65990GJ1950PTC000511

Company & Directors' Information:- B. P. ADVISORS PRIVATE LIMITED [Active] CIN = U74140WB2009PTC133516

Company & Directors' Information:- P N INVESTMENT PRIVATE LIMITED [Under Liquidation] CIN = U65910GJ1988PTC010715

Company & Directors' Information:- INVESTMENT CORPORATION LIMITED [Under Liquidation] CIN = U65993KL1942PLC000449

Company & Directors' Information:- M J ADVISORS PRIVATE LIMITED [Strike Off] CIN = U65999WB1999PTC088689

Company & Directors' Information:- S R M INVESTMENT PVT LTD [Strike Off] CIN = U67120WB1979PTC031888

Company & Directors' Information:- A TO Z INVESTMENT PVT LTD [Dissolved] CIN = U67120WB1988PTC044464

Company & Directors' Information:- A AND A ADVISORS PRIVATE LIMITED [Active] CIN = U74999PB2001PTC024158

Company & Directors' Information:- R J INVESTMENT PRIVATE LIMITED [Active] CIN = U67120MH1976PTC018954

Company & Directors' Information:- INFRASTRUCTURE INVESTMENT PVT LTD [Strike Off] CIN = U67120MH1991PTC062762

Company & Directors' Information:- A AND A ADVISORS PRIVATE LIMITED [Active] CIN = U74110PB2001PTC024158

Company & Directors' Information:- B N K INVESTMENT CO PVT LTD [Active] CIN = U65993WB1971PTC028169

Company & Directors' Information:- A D INVESTMENT CO PVT LTD [Active] CIN = U67120WB1971PTC028170

Company & Directors' Information:- A TO Z ADVISORS PRIVATE LIMITED [Converted to LLP] CIN = U74140DL2005PTC143215

Company & Directors' Information:- T D INVESTMENT CO PVT LTD [Strike Off] CIN = U65921CH1987PTC007637

Company & Directors' Information:- C G K INVESTMENT P LTD [Strike Off] CIN = U65910AP1986PTC006088

Company & Directors' Information:- R M G ADVISORS PRIVATE LIMITED [Active] CIN = U74140MH2000PTC124952

Company & Directors' Information:- L D INVESTMENT COMPANY PVT LTD [Strike Off] CIN = U65921HP1988PTC008425

Company & Directors' Information:- R M S ADVISORS PRIVATE LIMITED [Strike Off] CIN = U74120UP2014PTC065507

Company & Directors' Information:- J & J ADVISORS PRIVATE LIMITED [Strike Off] CIN = U74140HR2008PTC038128

Company & Directors' Information:- G K INVESTMENT PRIVATE LIMITED [Active] CIN = U65993TZ1987PTC001919

Company & Directors' Information:- G V INVESTMENT PRIVATE LIMITED [Active] CIN = U65993TZ1987PTC001920

Company & Directors' Information:- B C K H INVESTMENT CO PVT LTD [Active] CIN = U67120MH1982PTC026819

Company & Directors' Information:- H V INVESTMENT PRIVATE LIMITED [Active] CIN = U67120MH1997PTC107686

Company & Directors' Information:- J & D ADVISORS PRIVATE LIMITED [Strike Off] CIN = U93090MH2008PTC177244

Company & Directors' Information:- M F ADVISORS PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U74140MH2007PTC172408

Company & Directors' Information:- F. S. ADVISORS PRIVATE LIMITED [Active] CIN = U74140MH2008PTC182851

Company & Directors' Information:- V S ADVISORS (INDIA) PRIVATE LIMITED [Active] CIN = U67190PN2010PTC136930

Company & Directors' Information:- A & S ADVISORS PRIVATE LIMITED [Active] CIN = U74999MH2013PTC250538

Company & Directors' Information:- Y K ADVISORS PRIVATE LIMITED [Active] CIN = U74999MH2015PTC260934

Company & Directors' Information:- M L INVESTMENT PVT LTD [Strike Off] CIN = U67120WB1979PTC032180

Company & Directors' Information:- R R ADVISORS PRIVATE LIMITED [Active] CIN = U45400DL2010PTC209062

Company & Directors' Information:- V & V ADVISORS PRIVATE LIMITED [Active] CIN = U74140DL2011PTC215351

Company & Directors' Information:- COMPANY INDIA ADVISORS PRIVATE LIMITED [Active] CIN = U74140DL2011PTC227385

Company & Directors' Information:- S A & CO ADVISORS PRIVATE LIMITED [Active] CIN = U74140DL2015PTC281281

Company & Directors' Information:- S & G INVESTMENT COMPANY PRIVATE LIMITED [Active] CIN = U65100DL2012PTC244271

Company & Directors' Information:- M R T ADVISORS PRIVATE LIMITED [Strike Off] CIN = U65100DL2014PTC271000

Company & Directors' Information:- D P N C ADVISORS PRIVATE LIMITED [Active] CIN = U74900DL2012PTC237936

Company & Directors' Information:- E TO E INVESTMENT ADVISORS PRIVATE LIMITED [Active] CIN = U67190KA2009PTC050537

Company & Directors' Information:- B AND W ADVISORS PRIVATE LIMITED [Active] CIN = U74999RJ2020PTC071422

Company & Directors' Information:- MAHENDRA LTD [Strike Off] CIN = U45201WB1943PLC011234

Company & Directors' Information:- S B INVESTMENT PVT LTD [Liquidated] CIN = U99999RJ1959PTC001090

Company & Directors' Information:- R AND P INVESTMENT PVT LTD [Strike Off] CIN = U67120PB1995PTC016124

Company & Directors' Information:- M M B INVESTMENT PRIVATE LIMITED [Active] CIN = U65993RJ1996PTC012698

Company & Directors' Information:- M G A INVESTMENT COMPANY PRIVATE LIMITED [Strike Off] CIN = U99999MH1980PTC022406

Company & Directors' Information:- D S N INVESTMENT PVT LTD [Strike Off] CIN = U65993TG1988PTC008554

Company & Directors' Information:- V C ADVISORS PRIVATE LIMITED [Strike Off] CIN = U74140KA2006PTC040359

Company & Directors' Information:- V. I INVESTMENT PVT LTD [Strike Off] CIN = U67120HR1988PTC030206

Company & Directors' Information:- R J P INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U65993GJ1981PTC004678

Company & Directors' Information:- D D P INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U65910GJ1981PTC004695

Company & Directors' Information:- C J P INVESTMENT PVT LTD [Strike Off] CIN = U99999GJ1981PTC004662

Company & Directors' Information:- M P INVESTMENT CO PRIVATE LIMITED [Under Process of Striking Off] CIN = U65993KA1974PTC002646

Company & Directors' Information:- INVESTMENT COMPANY PRIVATE LIMITED [Dissolved] CIN = U65990KL1946PTC000461

Company & Directors' Information:- INVESTMENT CORPORATION LIMITED [Not available for efiling] CIN = U99999MH1943PLC007730

    Company Appeal (AT) (Insolvency) No. 1500 of 2019

    Decided On, 09 January 2020

    At, National Company Law Appellate Tribunal

    By, JUSTICE S.J. MUKHOPADHAYA
    By, CHAIRPERSON & JUSTICE BANSI LAL BHAT
    By, MEMBER (JUDICIAL)

    For the Appellant: Sanjay Kumar Chhetry, Advocate. For the Respondent: Jay Kishore Singh, Mohit Raj, Advocates.



Judgment Text


1. Having heard learned Counsel for the appellant and being satisfied with the grounds, the delay of 14 days in preferring the appeal is hereby condoned.

The appellant-‘M/s. SEW Infrastructure Limited’ claimed to be ‘financial creditor’ of ‘M/s. Mahendra Investment Advisors Private Limited’-(‘corporate debtor’) and moved application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which has been rejected by impugned order dated 24th October, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad on one of the grounds that the ‘corporate debtor’ is a guarantor in respect of the loan given to the ‘principal borrower’-‘M/s. Amrit Jal Ventures Private Limited’ and the appellant claimed amount as ‘financial creditor’, has already moved a petition under Section 7 against ‘principal borrower’ which has already been admitted.

2. Once for same set of claim and default application under Section 7 against the principal borrower’-‘M/s. Amrit Jal Ventures Private Limited’ is admitted, the application against the ‘corporate guarantor’ is not maintainable.

3. Reliance has been placed on the decision of this Appellate Tribunal in Dr. Vishnu Kumar Agarwal v. M/s. Piramal Enterprises Ltd., I (2019) BC 90 (NCLAT)=Company Appeal (AT) (Insolvency) No. 346 of 2018 etc., wherein this Appellate Tribunal held:

“32. There is no bar in the ‘I&B Code’ for filing simultaneously two applica-tions under Section 7 against the ‘principal borrower’ as well as the ‘corporate guarantor(s)’ or against both the ‘Guarantors’. However, once for same set of claim application under Section 7 filed by the ‘financial creditor’ is admitted against one of the ‘corporate debtor’ (‘principal borrower’ or ‘corporate guarantor(s)’), second application by the same ‘financial creditor’ for same set of claim and default cannot be admitted against the other ‘corporate debtor’ (the ‘corporate guarantor(s)’ or the ‘principal borrower’). Further, though there is a provision to file joint application under Section 7 by the ‘financial creditors’, no application can be filed by the ‘financial creditor’ against two or more ‘corporate debtors’ on the ground of joint liability (‘principal borrower’ and one ‘corporate guarantor’, or ‘principal borrower’ or two ‘corporate guarantors’ or one ‘corporate guarantor’ and other ‘corporate guarantor’), till it is shown that the ‘corporate debtors’ combinedly are joint venture company.

33. For the reasons aforesaid, while we uphold the initiation of the ‘Corporate Insolvency Resolution Process’ initiated under Section 7 of the ‘I&B Code’ against ‘Sunsystem Institute of Information Technology Pvt. Ltd.’-(“corporate guarantor No.2”) by impugned order dated 24th May, 2018, we hold that the impugned order dated 31st May, 2018 initiating ‘Corporate Insolvency Resolution Process’ under Section 7 against the ‘Sunrise Naturopathy and Resorts Pvt. Ltd.’-(‘corporate guarantor No.1’) for same very claim/debt is not permissible and the application under Section 7 was not maintainable.”

4. Learned Counsel for the appellant while submitted that the application against the ‘corporate debtor’ is simultaneously maintainable, but we are not inclined to accept such submission as the appellant can initiate only one proceeding against either the ‘principal borrower’ or against the ‘corporate debtor’ under Section 7.

5. Once it is alleged that the ‘principal borrower’ has defaulted, it cannot trigger against both the ‘principal borrower’ (as ‘corporate debtor’) and ‘corporate guarantor’ (as ‘corporate debtor’). For same set of claim, two companies cannot go for liquidation which will be against the principles of ‘I&B Code’.

6. Apart from the aforesaid fact, we find that the respondent has taken specific plea that the ‘corporate debtor’ is ‘Non-Banking Finan

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cial Company’ (NBFC) and do not come within the definition of ‘financial services’ as defined under Section 3(16) or within the definition of ‘financial service provider’ as defined under Section 3(17) of the ‘I&B Code’. 7. In view of the aforesaid position of law, we are not inclined to interfere with the impugned order of rejection of the application under Section 7. The appeal is dismissed. No costs.
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