TaxTMI 
TaxTMI 
2020 (6) TMI 755
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.... J. : 1. The Appellants - original Applicants filed Application under Section 7 of Insolvency and Bankruptcy Code, 2016 (IBC - in short) before the National Company Law Tribunal, Hyderabad Bench, Hyderabad (Adjudicating Authority) having CP(IB)No.30/7/HDB/2019 claiming to be Financial Creditors against Respondent - Manasadevi Bakers Pvt. Ltd. - Corporate Debtor. In the Application, one Vishnu Dutt Gupta, Director of the Corporate Debtor filed counter, claiming to be MD of the Respondent - Corporate Debtor. One Ajay Kumar Agarwal also filed counter statement claiming to be MD and stating that Vishnu Dutt Gupta was not authorized. Vishnu Dutt Gupta has in the Appeal also filed Interlocutory Application for intervention - impleadment. He cl....
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....uals and Subordination Agreement of Canara Bank relied on by Vishnu Dutt Gupta should have been ignored. 4. Vishnu Dutt Gupta had filed counter before Adjudicating Authority (Annexure P3) and with the same, filed extract of minutes of meeting dated 7th December, 2009 which shows Vishnu Dutt Gupta as Managing Director and authorized person. Vishnu Dutt Gupta filed Subordination Agreement (Page - 202) dated 26.08.2014 executed by the Appellants as well as Directors of the Corporate Debtor which states that the Appellants will not claim their dues without first dues of Canara Bank being paid. For this and other reasons, Vishnu Dutt Gupta opposed the Application. 5. Ajay Kumar Agarwal had also filed counter (Annexure P-8 Page 272) before ....
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.... issue or collect, assign or receive payment of their claims until claims of the Canara bank are settled. The Adjudicating Authority held the Agreement to be binding on Petitioners and rejected the claim of Petitioners that they had not signed the Agreement. For such reasons, the Application came to be rejected. 7. We have heard the parties and perused the record. At the time of oral arguments, the counsel for Appellants after making oral submissions also filed written submissions across the Bar on 12th March, 2020. With the written submissions, certified copy of counter filed before Adjudicating Authority by Canara Bank as I.A. 432 of 2019 has also been filed. The counter filed by the Officer of Canara Bank shows that when Corporate Deb....
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....iled by Ajay Agarwal, the record shows that the Directors have differences between themselves and there are groups in the Corporate Debtor. In proceedings under Section 7 of IBC, the Adjudicating Authority need not reconcile the different stands taken by rival groups. While admitting Application under Section 7 if it appears to the Adjudicating Authority that the object is not resolution but object is different, the Adjudicating Authority would have discretion not to act upon the Application and leave the parties to other remedies available. In the present mater, the Appellants have tried to block Vishnu Dutt Gupta from bringing on record material relevant to the Application claiming that he had no authority or that after filing of the Appl....