Binani Industries Limited vs Bank of Baroda

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2018 Supreme(NCLAT) 626

S.J.MUKHOPADHAYA, BANSI LAL BHAT
Binani Industries Limited – Appellant
Versus
Bank of Baroda – Respondent

Advocates Appeared:
For the Appellant :Mr. S.N. Mukherjee and Mr. Ratnako Banerjee, Senior Advocates with Mr. Arvind Kumar Gupta, Ms. Purti Marwaha Gupta, Mr. Kumar Kartikay, Mr. Abhinav Raghuvanshi, Mr. C.S. Chauhan and Ms. Henna George, Advocates for ‘Binani Industries Ltd.’
For the Respondents:Mr. Arun Kathpalia and Mr. Gopal Subramanium, Senior Advocates with Ms. Misha, Mr. Manu Nair, Mr. Siddhant Kant, Ms. Bani Brar, Ms. Shantanu Chaturwedi, Ms. Srishti Khare and Ms. Jasveen Kaur, Advocates for ‘Rajputana Properties Pvt. Ltd.
Mr. Sanjiv Sen and Mr. Tushar Mehta, Senior Advocates along with Mr. R. Sudhinder, Ms. Nimita Kaul, Ms. Amita Sarkar and Mr. Sumant Batra, Advocates for ‘Committee of Creditors’.
Mr. Amit Sibal, Senior Advocate with Mr. Nakul Sachdeva, Mr. Somesh Dhawan, Mr. Pranshu Paul, Mr. Soham Kumar and Mr. Avinash Amarnath, Advocates for the RP with Mr. Vijay Iyer, RP in person.
Mr. Ashish Rana and Mr. Surekh Baxy, Advocates for Export Import Bank.

JUDGMENT :

SUDHANSU JYOTI MUKHOPADHAYA, J.

As all these appeals arise out of the orders passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, in ‘Corporate Insolvency Resolution Process’ initiated against ‘Binani Cement Limited’- (‘Corporate Debtor’), they were heard together and are disposed of by this common judgment.

2. In the ‘Corporate Insolvency Resolution Process’ against ‘Binani Cement Limited’- (‘Corporate Debtor’), at the stage of ‘Resolution Process’ different prayers and objections were made/raised by the Appellants and others, which were taken up together by the Adjudicating Authority, and disposed of by different orders as detailed below.

3. The ‘Binani Cement Limited’, a flagship subsidiary of the Appellant- ‘Binani Industries Limited’ representing the ‘Braj Binani Group’, has preferred Company Appeal (AT) (Insolvency) No. 82 of 2018 against the order dated 28th February, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, whereby CA(IB)No. 175/KB/2018 has been referred back to the

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2018 Supreme(NCLAT) 626

S.J.MUKHOPADHAYA, BANSI LAL BHATBinani Industries Limited – AppellantVersusBank of Baroda – Respondent

Cases Referred (1)

S.J.MUKHOPADHAYA, BANSI LAL BHAT
Binani Industries Limited – Appellant
Versus
Bank of Baroda – Respondent