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NATIONAL COMPANY LAW TRIBUNAL
SH. SUNIL KUMAR AGGARWAL, SH. RADHAKRISHNA SREEPADA, JJ
M/s Just Right Life Ltd. – Appellant
Versus
M/s. Cerebra Integrated Technologies Ltd. – Respondent
| Table of Content |
|---|
| 1. application for impleadment of parties. (Para 1 , 2) |
| 2. arguments regarding necessity of parties. (Para 3 , 4) |
| 3. court's observations on necessary parties. (Para 5 , 6) |
| 4. final ruling on the application. (Para 7) |
ORDER
1. This Interlocutory Application has been filed on 03.01.2025 under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016 (“IBC/Code”) read with Rule 11 of NCLT Rules, 2016 by Cerebra lntegrated Technologies Limited (“Corporate Debtor/Applicant”) with a prayer to implead a company named More Engineering LLP, Sunstar Realty Development Private Limited and Mr. Sunil Bhandari as Respondents in the main petition C.P. (IB) No. 59/BB/2024.
2. Brief facts of the application are given hereunder
a) The Financial Creditor-Just Right Life Limited has filed a Section-7 petition in Company Petition-(IB) 59/BB/2024 against the Corporate Debtor/Applicant to initiate Corporate Insolvency Resolution Process against the Corporate Debtor for a payment default of Rs. 2,63,34,740.
b) It is submitted that during the year 2021-22, the Corporate Debtor was desirous of raising funds for its business operations to the tune of Rs.200 Crores and at that time Mr. Sunil Bhandari
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