2025 (1) TMI 1801

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....d NCLT, Bengaluru Bench, in a Company Petition (IB) No. 133 / BB / 2021, wherein the Appellant has prayed for drawing of the proceedings under Section 9 of I & B Code, 2016, as against the `proposed Respondent / Corporate Debtor'. The said application of the Appellant had been rejected by the Impugned Order dated 31.05.2022 which is under challenge. 2. On the perusal of the entire Judgment, as well as the arguments as pressed, the only controversy, which would be confined to be considered by us is, as to whether it was correct to determine the amount claimed by the Appellant in the Company Petition to be less than Rs. 1 Crore, while deprived the Appellant the opportunity to initiate CIRP proceedings against the Respondent as per the prov....

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....hereunder:- "c. The Appellant submits that the Ld. NCLT while hearing the Petition on 31/05/2022 through physical mode had sought the "Deed of Assignment" entered into between the operational creditors from the Appellant's Advocate. Since it was not readily available the Appellant's Advocate sought a pass over or adjournment, which was denied by the Bench. Thus there was a violation of "principles of natural justice" and on this ground also the impugned order is liable to be set aside." 5. It has been specifically pleaded by the Appellant before this Tribunal that, the request thus made by the Appellant was turned down and the request for an adjournment / pass-over of the proceedings of the Company Petition, to enable him to pla....

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.... the learned NCLT to accommodate her to enable her to place the said Deed on record, she was deprived to place the same to be read in evidence for the purposes of determination of the amount she claimed to be in default for the purposes of Section 4 of the I & B Code, 2016, which would have made her eligible to file an Application under Section 9 of I & B Code, 2016. 7. The learned counsel for the Appellant during the course of the Appeal had filed an Application under Order XLI Rule 27 of C.P.C., praying for placing the Assignment Deed on record and the same was permitted to be accepted on record, by an order dated 03.09.2024. By the said order the Assignment Deed was taken on record and the same was directed to be considered at the sta....

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....has held that the best Court available for the purposes of appreciating the contents of a document is the trial court and particularly, when it engages detailed arithmetical calculation for quantification of the claim, the said document and its document will be best appreciated by the learned NCLT, which is the first forum invoked by the Appellant, for initiation of the proceedings under Section 9 of the I & B Code, 2016. There would be yet another reason for remitting the matter back to the learned Adjudicating Authority, to re-decide the matter after taking the "Deed of Assignment of Business Debt" dated 03.10.2021 on record for the reason being that, if this Appellate Forum ventures into the contents of the "Deed of Assignment of Busines....