NATIONAL COMPANY LAW APPELLATE TRIBUNAL

NEW DELHI

Company Appeal (AT) (Ins) No.271 of 2020

[Arising out of Order dated 03.01.2020 passed by National Company Law

Tribunal,

Indore

Bench

at

Ahmedabad

in

CP

(IB)

No.370/7/NCLT/AHM/2018]

IN THE MATTER OF:

Before NCLT

Before NCLAT

Mr. Subhash Agrawal

…

Appellant

Ex-Director

M/s SRK Devbuild Pvt. Ltd.

13, Gulmohar Colony,

Saket Nagar, Indore,

Madhya Pradesh - 452001

Versus

1. M/s. AU Small Finance

Petitioner

Respondent No.1

Bank Ltd.

19-A, Dhuleshwar Garden,

Ajmer Road,

Jaipur – 302001

(Rajasthan)

Branch Office at:

4^th Floor, B-405,

Shivalik Corporate Park,

Above D-Mart,

Shivranjini Cross Road,

Ahmedabad,

Gujarat – 380015

2. M/s. SRK Devbuild Pvt.

Respondent/

Respondent No.2

Ltd.

Corporate Debtor

18/2, Lasudia Mori,

Dewas Naka,

A.B. Road,

Indore,

Madhya Pradesh – 452010

Through Interim Resolution

Professional (IRP)

Mr. Ravi Kapoor,

4^th Floor, Shaival Plaza,

Gujarat College Road,

Ellisbridge,

Ahmedabad – 380006

2

Company Appeal (AT) (Ins) No.271 of 2020

For Appellant:

Chandra Shekhar Yadav and Ms. Gitanshi Arora,

Advocates

For Respondents:

Shri Samarendra Kumar and Shri Vishnu Jaiswal,

Advocates (R-1)

Shri Ravi Kapoor, Advocate (IRP – R-2)

O R D E R

(Virtual Mode)

02.03.2021

This Appeal has been filed by the Appellant who is claiming

to be suspended Director of the Corporate Debtor – M/s. SRK Devbuild Private

Limited. The Respondent No.1 - AU Small Finance Bank Ltd. filed Application

– CP (IB) No.370/7/NCLT/AHM/2018 against the Corporate Debtor under

Section 7 of Insolvency and Bankruptcy Code, 2016 (IBC – in short), which

Application came to be admitted after hearing parties by the Adjudicating

Authority (National Company Law Tribunal, Indore Bench at Ahmedabad) vide

Impugned Order dated 3^rd January, 2020.

2.

The Appellant has filed this Appeal and in the Appeal, the Appellant

raised grounds that the Application under Section 7 of IBC was not in the

form prescribed under IBC; that the Statement of Account was not attached

in accordance with the Bankers Book of Evidence Act, 1891; that the

Application should have been rejected as defective for want of certification and

verification of the averments made; that the Agreement dated 11^th February,

2015 was not admissible evidence as it was not property stamped.

3.

The Adjudicating Authority had dealt with averments raised before it in

the Impugned Order as under:-

3

Company Appeal (AT) (Ins) No.271 of 2020

“OBSERVATIONS

19.

It is found, that the Petitioner Bank has

submitted the documents duly executed by the

Corporate Debtor and Guarantors along with a

Certificate under the Banker’s Book of

Evidence Act, 1891, in support of their IB

Petition for initiation of C.I.R.P.

19.1 The term Loan was sanctioned and released by

the Petitioner Bank and the same was availed by

the Corporate Debtor, SRK Devbuild Private

Limited.

19.2 The CD has defaulted in making repayment of the

Term Loan to the Petitioner Bank and the date of

default is 31/05/2016. The Statement of

accounts submitted by the applicant Bank

confirm the default committed by the Corporate

Debtor.

19.3 The last payment to the loan was came on

31/05/2017. The OTS proposal was executed

on 26/05/2017 but the same was not

honoured by the Corporate Debtor.

19.4 The Petitioner Bank has filed the petition on

02/08/2018 which is within the period of

limitation.

19.5 The charge has been created by the Corporate

Debtor with ROC, Gwalior for Rs.4.00 Crores

in

favour

of

the

Applicant

Bank

on

09/02/2015 and the said charge creation

letter has been issued by the ROC in this

regard.

19.6 The present I.B. Petition is filed by the duly

authorised official of the Applicant Bank in a

prescribed format under Section 7 of the I.B.

Code

annexing