NATIONAL COMPANY LAW APPELLATE TRIBUNAL

NEW DELHI

Company Appeal (AT) (Insolvency) No. 640 of 2019

IN THE MATTER OF:

Mrs. Bela Juneja

…Appellant

Versus

India Bulls Housing

Finance Ltd. & Anr.

…Respondents

Present:

For Appellant :

Mr. Vaibhav Tyagi, Advocate

For Respondents :

Mr. Sumesh Dhawan, Ms. Vatsala Kak and

Ms. Geetika Sharma, Advocates

O R D E R

01.07.2019

‘Indiabulls Housing Finance Ltd.’ filed an application u/s 7 of

the ‘Insolvency and Bankruptcy Code, 2016’ (for short, ‘the I&B Code’) against

‘BHA Associates Private Limited’ (Corporate Debtor). The Adjudicating Authority

(National Company Law Tribunal), Principal Bench, New Delhi having admitted

the application against ‘Mrs. Bela Juneja’, who was Director of ‘BHA Associates

Private Limited’ (Corporate Debtor). Learned counsel appearing on behalf of the

Appellant submits that the Adjudicating Authority declared the ‘Corporate

Debtor’ as ‘Non-performing Asset’ (NPA) is under challenge in view of the

agreement. However, such submission cannot be accepted under ‘Insolvency

and Bankruptcy Code, 2016’ (for short, ‘the I&B Code’). It is not neces