TaxTMI 
TaxTMI 
2025 (12) TMI 230
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....e party to the proceedings which were being carried under Section 7 of the I & B Code, 2016, the same has been instituted by the Appellant herein, on the basis of the default in certain, cash credit facilities, which was extended by the Appellant to the Respondent and on a default being committed, the proceedings under Section 7 of the I & B Code was drawn. 2. During the course of the proceedings before Ld. NCLT, the parties before Ld. NCLT have exchanged their pleadings and after exchange of pleadings, the arguments were concluded. 3. Before venturing further into the manner in, which the proceedings have been carried by Ld. Tribunal, we make it very clear that, it is not the case of the Respondent in arguments or pleadings, that whe....
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....nth Rathi, for Financial Creditor and Learned Counsel Ms Kopal Sharraf, for Corporate Debtor present through Video Conference. Before we could pronounce the orders, learned counsel for corporate debtor craved for an opportunity of making submissions regarding the power of attorney of the signatory to the applicant and also on the record of default filed. Therefore, we direct that both sides to present at 2::30 PM post lunch and make their submissions on the above points. Matter called again at 2::00 PM. Heard learned counsel Ms Kopal Sharraf, for the Corporate Debtor and learned counsel Mr Srikanth Rathi, for Financial Creditor. At request of both sides we grant 5 days time for filing written submissions along with case la....
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.... the Authority vested with the individual who was representing the cause of the Appellant and the issue of lack of its authority, it ought to have been a question, which was to be raised at the first available opportunity or at least in the written submission itself. So the Appellant will be provided with an opportunity to respond to it. But, admittedly there is nothing on record to show that, such an objection was raised at the first available instance or even in the objection that, was filed by the Respondent in the counter to proceedings under Section 7 of I & B Code, 2016. 10. The question that emanate would be that, when the Ld. Tribunal has reserved the orders to be pronounced on 16.02.2024, whether the Ld. Tribunal could have perm....
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.... an adjudication of a lis on merits and that too before the Court of the first instance, which has to foundation its adjudication of lis on merits, based upon the material, which has already been placed on record and controverted by the other side on merits of the matter. 14. It's not even that, the Appellant in order to overcome the un-apprehended oral objection, that was taken by the Respondent in the proceedings that was held on 16.02.2024, had filed an application being IA No. 491 / 2024 by virtue of which the Appellant, while invoking the inherent jurisdiction under Section 60(5) of the I & B Code, 2016, had placed the Board's Resolution on record, which was passed on 23.08.2017, thereby vesting the authority for the purposes of ini....
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....passing the Final Order on 05.03.2024 had simultaneously decided IA No. 491 / 2024 rejecting the same without reasons, declined to be taken on record for the rational, which has been assigned in Para Nos. 6 & 7 of the part of the order as passed on IA No. 491 / 2024. 18. The process adopted by the Ld. Tribunal, would not amount to be an adjudication of a lis on merits, as it had apparently amounted to be a deprivation to the Appellant to substantiate his case qua the very basis on, which the impugned order of 05.03.2024 has been rendered of rejecting the application under Section 7 of the I & B Code, 2016, on the ground of the authority vested with the representative of the Appellant to initiate the proceedings, based upon the Board's Re....