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



Srei Multiple Asset Investment Trust v/s IDBI Bank Ltd. & Others


Company & Directors' Information:- IDBI BANK LIMITED [Active] CIN = L65190MH2004GOI148838

Company & Directors' Information:- IDBI BANK LIMITED [Amalgamated] CIN = L65925MP1994PLC008624

Company & Directors' Information:- THE INVESTMENT TRUST OF INDIA LIMITED [Active] CIN = L65910MH1991PLC062067

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

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

Company & Directors' Information:- THE INVESTMENT TRUST OF INDIA LIMITED [Amalgamated] CIN = U74999TN2015PLC100911

Company & Directors' Information:- THE INVESTMENT TRUST OF INDIA PRIVATE LIMITED [Active] CIN = U74999TN2015PTC100911

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:- 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 P INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015714

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:- 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:- B M INVESTMENT TRUST PVT LTD [Strike Off] CIN = U65993WB1965PTC026631

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

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:- J T INVESTMENT PVT LTD [Strike Off] CIN = U65923WB1979PTC032344

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:- 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:- P N INVESTMENT PRIVATE LIMITED [Under Liquidation] CIN = U65910GJ1988PTC010715

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

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:- R J INVESTMENT PRIVATE LIMITED [Active] CIN = U67120MH1976PTC018954

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:- 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:- L D INVESTMENT COMPANY PVT LTD [Strike Off] CIN = U65921HP1988PTC008425

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:- M L INVESTMENT PVT LTD [Strike Off] CIN = U67120WB1979PTC032180

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

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. 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 TRUST LIMITED [Dissolved] CIN = U99999MH1925PTC001168

Company & Directors' Information:- INVESTMENT TRUST LIMITED [Dissolved] CIN = U99999MH1929PTC001468

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

    Company Appeal (At) (Insolvency) No. 666 of 2019

    Decided On, 25 September 2019

    At, National Company Law Appellate Tribunal

    By, THE HONOURABLE MR. S.J. MUKHOPADHAYA
    By, CHAIRPERSON
    By, THE HONOURABLE MR. A.I.S. CHEEMA
    By, JUDICIAL MEMBER & THE HONOURABLE MR. KANTHI NARAHARI
    By, MEMBER

    For the Appearing Parties: Abhijeet Sinha, Arijit Mazumdar, Aditya Sukla, Shambo Nandy, Saikat Sarkar, Devesh Ajmani, Akanksha Kaushik, Arun Kathpalia, Misha, Siddhant Kant, Eklavya Dwivedi, Bani Brar, Jasveen Kaur, Advocates.



Judgment Text

Sudhansu Jyoti Mukhopadhaya, J.

1. 'Idbi Bank Limited' ('Financial Creditor') filed an application under Section 7 of the Insolvency and Bankruptcy Code,2016 ("I&B Code" for short) for initiation of the 'Corporate Insolvency Resolution Process' against 'M/s. Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor') alleging default in paying financial debt of Rs.471,59,37,171/- (Rupees Four Hundred Seventy-One Crore Fifty-Nine Lakh Thirty-Seven Thousand One Hundred and Seventy-One only), which has been admitted.

2. 'M/S. SREI Infrastructure Finance Limited' filed an intervention petition to oppose the prayer. However, it was not entertained by the Adjudicating Authority (National Company Law Tribunal), Cuttack Bench, Cuttack.

3. At that stage, 'M/s. SREI Infrastructure Finance Limited' moved before this Appellate Tribunal in Appeal No. 126/2019 wherein this Appellate Tribunal held that 'M/s. SREI Infrastructure Finance Limited' has no right to intervene at the stage of admission. However, allowed 'M/s. SREI Infrastructure Finance Limited' to file written submissions not more than three pages before the Adjudicating Authority with direction to the Adjudicating Authority to consider the same.

4. Before the Adjudicating Authority, 'M/s. SREI Infrastructure Finance Limited' opposed the application only on the ground that they also gave loan of Rs.136.50 Crore to the 'Corporate Debtor' on the basis of the Business Transfer Agreement. However, such submission was not accepted by the Adjudicating Authority.

5. Learned counsel for the Appellant contended that the claim of the 'IDBI Bank Limited' was considered by the 'Resolution Professional' in the 'Corporate Insolvency Resolution Process' which was initiated against 'Essar Steel India Limited' and was pending before the Adjudicating Authority. Therefore, according to learned counsel for the Appellant, for the same claim amount the 'IDBI Bank Limited' cannot file application under Section 7 against 'M/s. Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor').

6. The Adjudicating Authority rejected such submission in absence of any record in support of such plea as was taken by 'M/s. SREI Infrastructure Finance Limited' (not the present Appellant). The Adjudicating Authority admitted the application under Section 7 by impugned order dated 14th May,2019 which is under challenge.

7. In the present appeal, the Appellant has taken similar plea as was taken by 'M/s. SREI Infrastructure Finance Limited' before the Adjudicating Authority. However, as we find that 'IDBI Bank Limited' had also granted loan to the 'Corporate Debtor'- 'M/s. Odisha Slurry Pipeline Infrastructure Limited', we hold that the application under Section 7 filed by the 'IDBI Bank Limited' has been rightly admitted.

8. Similar plea was taken by the 'Corporate Debtor' that the 'IDBI Bank' had filed its claim before the 'Resolution Professional' of 'Essar Steel India Limited. However, from the record and the judgment passed in 'Essar Steel India Limited', we find that no such claim was made by 'IDBI Bank Limited' in respect to the claim amount as shown against 'M/s. Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor').

9. The Appellant has enclosed a copy of 'Business Transfer Agreement' between 'Essar Steel India Limited' and 'Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor') dated 27th February,2015. From the said 'Business Transfer Agreement', it is clear that 'Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor') was treated as integral part for functioning of 'Essar Steel India Limited'. However, the Agreement shows that the two entities i.e. 'Essar Steel India Limited' and 'Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor') remained separate entities (companies) under the Companies Act, therefore, separate application under Section 7 was maintainable against 'Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor').

10. The application under Section 7 in Form 1 has also been enclosed by the Appellant- 'SREI Multiple Asset Investment Trust', wherein the details of loan taken by 'Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor') has been shown. The Adjudicating Authority has also noticed that the loan was taken by the 'Corporate Debtor' was not refunded and the 'Corporate Debtor' defaulted to pay the debt, which is not in dispute.

11. The 'Loan Agreement' dated 24th September, 2015 which was reached between 'Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor') and 'IDBI Bank Limited' also show that a sum of Rs. 400 Crores was borrowed by the 'Corporate Debtor' from 'Financial Creditor'. The terms of repayment have been shown therein. Admittedly, the 'Corporate Debtor' has failed

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to pay the debt. 12. This apart, curiously, the Promoters/ Directors of the 'Odisha Slurry Pipeline Infrastructure Limited'- ('Corporate Debtor') who are aggrieved parties have not preferred any appeal under Section 61 of the 'I&B Code'. One of the 'Financial Creditors', namely 'SREI Multiple Asset Investment Trust' (Appellant herein) has challenged the order of admission under Section 7 who cannot be held to be an aggrieved person. 13. As no case has been made out by the Appellant, the appeal is dismissed. No costs.
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