Dharam Chand Yadav vs RP in the CIRP of Sidhartha Buildhome Pvt Ltd & Anr on 31 March 2021

ORDER

31.03.2021- Application under Section 7 of IBC filed by Financial Creditor, Punjab National Bank (earlier Oriental Bank of Commerce) has been admitted in terms of order dated 4th March, 2021 by the Adjudicating Authority, National Company Law Tribunal, Court III, New Delhi vide impugned order dated 4th March, 2021 which is assailed in this appeal on the ground that Corporate Debtor’s account could have been “Standard”, had the financial creditor taken timely decision on OTS proposal of the Corporate Debtor.

After hearing learned counsel for the appellant we are of the view that the appeal under Section 61 of the Insolvency & Bankruptcy Code, 2016 would not lie on this ground. Admittedly the account of the Corporate Debtor has been declared NPA and the Corporate Debtor is in default. We are told

2. that this is a home buyers project. Ms Varsha Banerjee, learned counsel representing Respondent No.1/IRP submits that IRP has received as many as 550 claims of home buyers and one claim of financial creditor, Punjab & Sind Bank.

Ms S.K. Sharma, learned counsel representing Respondent No.2, financial creditor, Punjab National Bank submits that no proposal for OTS is pending before the Financial Creditor.

In view of the same, the appeal being not maintainable is dismissed.

(Justice Bansi Lal Bhat) Acting Chairperson

(Dr. Ashok Kumar Mishra) Member (Technical) Bm/gc