JUDGEMENT

(27^th February, 2023) Justice Anant Bijay Singh; The instant Appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 (for short IBC) has been preferred by the Appellant being aggrieved and dissatisfied by the order dated 06.04.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in CP (IB) No.

848 of 2019 and IA No. 147 of 2021 whereby petition under Section 7 of the IBC filed by Respondent No. 1 (herein) – Invesco Asset Management (India) Private Limited/Financial Creditor against the M/s Sintex Industries Limited/Corporate Debtor was admitted by the Adjudicating Authority and further I.A. No. 147 of 2021 filed by the Respondent No. 2 (herein) seeking direction to refer the matter to conciliation, was also disposed of, observing that in view of the admission of Company Petition, the I.A. No. 147 of 2021 has become infructuous. 2. The facts giving rise to the instant Appeal are as follows:

i) The Appellant is the promoter shareholder and suspended director of the Corporate Debtor. The Respondent No. 1 is the original Applicant who had moved Company Appeal (AT) (Ins.) No. 346 of 2021 the application under Section 7 of the IBC (hereinafter referred to as the Insolvency Application). The Respondent No. 2 is the Corporate Debtor represented through the Interim Resolution Professional. The Respondent No. 1 has filed Section 7 petition dated 06.11.2019 being CP(IB) No. 848 of 2019 before the NCLT, Ahmedabad and the Adjudicating Authority vide order dated 06.04.2021 admitted the insolvency petition against Sintex Industries (Corporate Debtor).

ii) The present insolvency application had come to be filed before the Adjudicating Authority by the Respondent No. 1/Financial Creditor being one Invesco Asset Management (India) Pvt. Ltd. purportedly acting in its capacity as investment manager for Invesco India Credit Risk Fund, a scheme of Invesco Mutual Fund under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and purportedly duly authorised by Invesco Trustee Private Limited, the trustee of the fund to file the present insolvency application. The insolvency application has not been filed by the trustee of the fund. The insolvency application has been signed by one Nupur Tainwala in her capacity as Assistant Vice President-Legal of Invesco Asset Management (India) Pvt. Ltd. iii) The Respondent No. 1 places reliance upon one board resolution dated 18.10.2019 passed by the board of one Invesco Trustee Private Limited giving authority to one Nupur Tainwala, Vice President-Legal of Invesco Asset Management (India) Pvt. Ltd. to file suits, actions, claims, petitions initiated by or against Invesco Asset Management (India) Pvt. Ltd. / Invesco Mutual Fund / the ‘Company’, where the ‘Company’ is not defined in such board resolution. The Company Appeal (AT) (Ins.) No. 346 of 2021 Form 1 of the insolvency application, wherein under the head ‘position with or in relation to the ‘Financial Creditor’, it is set out as ‘Assistant Vice President- Legal’.

iv) As per the own factual submission of the Respondent No. 1, it is not even the case that Nupur Tainwala is Assistant Vice President-Legal of the Financial Creditor (being the debenture holder or the debenture trustee), but is in fact Assistant Vice President-Legal of Invesco Asset Management (India) Pvt. Ltd. (who is not a Financial Creditor), but has filed the insolvency application in its capacity as a purported delegate of the purported power to file the present insolvency application pursuant to purported board resolution given by purported trustee of the fund, being Invesco Trustee Private Limited.

v) Further fact of the case is that the Respondent No. 1/Financial Creditor in its capacity as the Investment Manager for Invesco India Credit Risk Fund, a scheme of Invesco mutual Fund and duly authorised by Invesco Trustee Private Limited, in pursuance of the Investment Manageme