2023 (1) TMI 1278

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....a Choudhary, Mr. A.Mishra, for I.A. No. 4112 for Bank. Mr. Kunal Kanungo Advocate for IA No. 2274 of 2022. Mr. Jignesh Ganatra, IP ORDER Per : Justice Rakesh Kumar Jain : ( Oral ) This appeal is directed against the order dated 11.05.2022, passed by the 'Adjudicating Authority' (National Company Law Tribunal, Ahmedabad Bench, Court -I), by which an application bearing No. CP(IB) 249 of 2020 filed by 'Westin Resins and Polymers Pvt. Ltd.' (Operational Creditor), under Section 9 of the 'Insolvency and Bankruptcy Code, 2016' (in short 'Code'), has been allowed and 'Corporate Insolvency Resolution Process' (CIRP) proceedings against 'Balaji Fiber Reinforce Pvt. Ltd.' (Corporate Debtor), has been admitted. 2. The facts in brief are that the ....

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.... with the Union of Bank of India. 5. On the other hand, in para 5 of the reply, the Respondent has categorically denied its relationship with the IRP who had served the notice. However, admittedly the amount of interest is still due which is yet to be paid by the Appellant. The issue which has been raised for our consideration in this appeal as to whether the IRP who had served the notice under Section 8 of the Code is a related party in terms of Section 5(24)(h) of the Code? In order to answer this question, it would be relevant to refer to Section 5(24)(h) of the Code which read thus: "Section 5(24(h) - any person on whose advice, directions or instructions, a director, partner or manager of the corporate debtor is accustomed to act" ....

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....nly to the component of interest. The decision relied upon by the Counsel for the Appellant are not applicable and, therefore, the second contention is also hereby rejected. 9. The last contention of the Appellant which was noticed by this Court at the time of preliminary hearing, is reproduced as under: "02.06.2022: Learned Counsel for the Appellant submits that after the passing of the Order on 11th May, 2022 admitting the Section 9 Application, the Appellant has made payment of Rs. 1,95,98,791/- in the month of May, 2022 itself. Learned Counsel for the Appellant submits that the principal has been paid only little amount regarding the Interest is due and Appellant is hopeful that the issues shall be settled with the Operational Credit....