National Company Law Appellate Tribunal
Mahesh Kumar Agarwal vs State Bank Of India And Anr on 12 May, 2022
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
PRINCIPAL BENCH, NEW DELHI
Company Appeal (AT) (Insolvency) No. 518 of 2022
IN THE MATTER OF:
Nirmal Kumar Agarwal ...Appellant
Versus
State Bank of India & Anr. ...Respondents
With
Company Appeal (AT) (Insolvency) No. 521 of 2022
IN THE MATTER OF:
Mahesh Kumar Agarwal ...Appellant
Versus
State Bank of India & Anr. ...Respondents
Present:
For Appellant: Mr. Anup Kumar, Ms. Neha Jaiswal, Mr. Shivam
Kumar and Ms. Shruti Singh, Advocates.
For Respondents:
ORDER
(Virtual Mode) 12.05.2022: Heard learned counsel for the Appellant. These Appeals have been filed against similar orders both dated 25.03.2022, by which order the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata on application under Section 95(1) has appointed a Resolution Professional and directed him to submit report exercising all powers enumerated under Section 99.
2. The Counsel for the Appellants submit that application filed under Section 95(1) was barred by time and further the Adjudicating Authority is not 2 competent to entertain the application by virtue of Section 60 of the Code. He submits that in view of the aforesaid the Application was not competent.
3. We are of the view that the stage for admission/rejection of the application has not yet arrived and the Adjudicating Authority is empowered to admit or reject the application after receiving the report from the Resolution Professional. It is open to the Appellants to raise their all objections regarding application being barred by time and that the Adjudicating Authority being not competent to entertain the application before the Adjudicating Authority at the time of admission/ rejection of application under Section 100 of the Code. Both the Appeals are disposed of with these observations.
[Justice Ashok Bhushan] Chairperson [Shreesha Merla] Member (Technical) Archana/nn Company Appeal (AT) (Insolvency) No. 518 of 2022 and 521 of 2022