NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAI (APPELLATE JURISDICTION)

Company Appeal (AT) (CH) (Ins) No.431/2024 (IA No.1181/2024)

IN THE MATTER OF:

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VASUDEV BISSA, DIRECTOR OF M/s. ARISU RETAIL PRIVATE LIMITED, No.20/3, AK Road, KB Nagar, Bangalore, Karnataka - 560026 Having its Registered Office at No.93/1, G.A. Road, Old Washermenpet, Chennai – 600021. …Appellant V M/s. PDB VENTURE PVT. LTD., Having its registered office at

4A, Syed Sally Street, Kolkata- 700 073. …Respondent Present:

For Appellant : Mr. P.H. Arvindh Pandian, Senior Advocate For Mr. A. Ram Kumar & Mr. Mohan Kumar, Advocates For Respondent : Mr. Perikal K Arjun, Advocate

JUDGMENT

(Hybrid Mode)

Per: Justice Sharad Kumar Sharma, Member (Judicial):

The challenge in the instant Company Appeal is to the impugned order dated 07.01.2024, as it was rendered by the Learned NCLT, Bengaluru Bench, in CP(IB) No. 20/BB/2023, by virtue of which the Section 7 Application preferred by the Respondent (M/s. PDB Venture Pvt. Ltd.), the Financial Creditor, was directed to be admitted, and as a consequence, CIRP proceedings were directed to be commenced against the Corporate Debtor, M/s. Arisu Retail Private Limited of which Mr. Vasud