Supreme Court - Daily Orders
State Bank Of India Through Its Chief ... vs Kaustuv Ray on 31 January, 2022
Bench: L. Nageswara Rao, B.R. Gavai
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IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 979/2021
STATE BANK OF INDIA APPELLANT(S)
VERSUS
KAUSTUV RAY & ANR. RESPONDENT(S)
O R D E R
The Appellant-Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code (‘IBC’) on 01.04.2019, seeking initiation of Corporate Insolvency Resolution Process (‘CIRP’) against Respondent No.2-Corporate Debtor. National Company Law Tribunal, Kolkata (‘NCLT’/ ‘Adjudicating Authority’) admitted the application on 04.02.2020 and initiated CIRP. The contention of the Corporate Debtor that the application was barred by limitation was rejected by the NCLT on the basis of the balance sheet for the Financial Year ending 31.03.2018.
The order passed by the NCLT admitting the application filed under Section 7 IBC was set aside by the National Company Law Appellate Tribunal (‘NCLAT’) on 20.01.2021 on the ground that the date of NPA was Signature Not Verified Digitally signed by Anita Malhotra Date: 2022.02.01 17.06.2013 and the application under Section 7, having 16:14:32 IST Reason: been filed on 01.04.2019, was barred by limitation.
Before this Court, the Appellant has relied upon 2 certain material in the form of correspondences during the years 2014 to 2017 and balance sheets for the Financial Years ending 2015, 2016, 2017, 2018 and 2019 to show that the application filed under Section 7, IBC was within the period of limitation. Admittedly, the material relied upon by the Appellant was not before the Adjudicating Authority. The Appellant placed reliance upon the judgment of this court in Asset Reconstruction Company (India) Ltd. v. Bishal Jaiswal & Anr. reported in (2021) 6 SCC 366, to submit that the matter be remanded back to the NCLAT, after the Appellant is granted permission to place additional material on record.
In a similar situation, this Court in Asset Reconstruction (supra), after noting that the appellant therein was completely remiss in not pleading acknowledgement of liability, provided another opportunity to the appellant to amend its pleadings before the NCLAT. In the said case, the appeal was remanded to the NCLAT subject to cost of Rs.1,00,000/-, after taking into account the huge amount of money that was due from the corporate debtor therein.
An Interlocutory Application has been filed on behalf of the Appellant seeking permission to amend the application under Section 7, IBC, along with all the relevant annexures. Significant amount of money is due to the Appellant which is disputed by the Corporate Debtor. We grant permission to the Appellant to amend the 3 application under Section 7, IBC, subject to payment of cost of Rs. 1,00,000/- by the Appellant to the Corporate Debtor. The appropriate forum to consider the amended application is the NCLT. Accordingly, we set aside the order of the NCLAT and remand the matter back to the NCLT to consider the amended application under Section 7, IBC afresh. All questions are left open. We make it clear that we have not expressed any view on the merits of the matter.
The appeal is disposed of, subject to the Appellant paying cost of Rs.1,00,000/- to the Corporate Debtor.
Pending application(s), if any, shall stand disposed of.
............... J.
(L. NAGESWARA RAO) ............... J.
(B.R. GAVAI)
NEW DELHI
31st JANUARY, 2022
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ITEM NO.19 Court 5 (Video Conferencing) SECTION XVII
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Civil Appeal No(s). 979/2021
STATE BANK OF INDIA Appellant(s)
VERSUS
KAUSTUV RAY & ANR. Respondent(s)
( IA No. 74880/2021 - APPLICATION FOR PERMISSION IA No. 126781/2021 - EXEMPTION FROM FILING AFFIDAVIT IA No. 77326/2021 - EXEMPTION FROM FILING AFFIDAVIT IA No. 74881/2021 - EXEMPTION FROM FILING AFFIDAVIT IA No. 41439/2021 - EXEMPTION FROM FILING AFFIDAVIT IA No. 158042/2021 - INTERVENTION/IMPLEADMENT IA No. 41436/2021 - STAY APPLICATION) Date : 31-01-2022 This appeal was called on for hearing today. CORAM :
HON'BLE MR. JUSTICE L. NAGESWARA RAO HON'BLE MR. JUSTICE B.R. GAVAI For Appellant(s) Mr. Krishnan Venugopal, Sr.Adv. (NP) Ms. Megha Karnawal, Adv. Mr. Sanjay Kapur, AOR Mr. Arjun Bhatia, Adv.
Mrs. Shubhra Kapur, Adv For Respondent(s) Mr. Shyam Divan, Sr Adv Mr. Shubhankar Nag, Adv Mr. Sidhartha Sharma, Adv Mr. Kunal Vajani, Adv Mr. Debabjan Mandal, Adv Mr. Aman Singh Brar, Adv Mr. Kartikey Bhatt, Adv Mr. Arjun Asthana, Adv Mr. Shubhang Tandon, Adv Mr. Arup Banerjee, AOR UPON hearing the counsel the Court made the following O R D E R The appeal is disposed of in terms of the signed order. Pending application(s), if any, shall stand disposed of.
(Geeta Ahuja) (Anand Prakash)
Court Master Court Master
(Signed Order is placed on the file)