2024 Supreme(Online)(NCLAT) 147
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Hon'ble Justice Rakesh Kumar Jain (Member(Judicial)) , Hon'ble Mr. Arun Baroka (Member (Technical)) ,
Rajesh Ravji Patel – Appellant
Versus
PEGASUS ASSETS RECONSTRUCTION PRIVATE LIMITED & ANR. – Respondent
Advocates:
Mr. Kunal Tandon, Mr. Kunal Kanungo, Ms. Richa Sandilya, Ms. Tanushree Sogani, Mr. Atishay Jain, Ms. Bhavna Vijay, Mr. Dinkar Singh, Mr. Rohit Singh, Mr. Rajeev K. Panday, Mr. Rajeev M. Roy, Mr. Akhilesh Chadha
JUDGEMENT(Hybrid Mode) [Per: Arun Baroka, Member (Technical)]
The present Appeal challenges the Order of the National Company Law Tribunal, Mumbai (NCLT) dated 27.10.2023 (hereinafter referred to as the "Impugned Order") in Company Petition No. 9 of 2023 (hereinafter referred to as "the said Company Petition") filed by Respondent No.1. The Impugned Order initiated the Corporate Insolvency Resolution Process (CIRP) of Vilson Roofing Product Pvt. Ltd. (hereinafter referred to as "the Corporate Debtor") and appointed Respondent No.2 as the Interim Resolution Professional (IRP). The Appellant is a suspended director of the Corporate Debtor.
Grounds of Appeal 2. The Respondent No.1 claims to be the Assignee of Shamrao Vithal Co- operative Bank Ltd. (hereinafter referred to as "the said Bank"). The Corporate Debtor allegedly defaulted on a secured term loan and cash credit facility advanced by the said Bank. Respondent No.1 asserts that it was assigned the debt owed by the Corporate Debtor to the said Bank.
3. Respondent No.1's case before the Hon’ble NCLT was that the Corporate Debtor was in receipt of and defaulted on a secured term loan and cash-credit facility advanced by the Shamrao Vi
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