Back
IN THE NATIONAL COMPANY LAW TRIBUNAL,
MUMBAI BENCH, COURT – II
IA/678/2020, IA/742/2020
&
C.P.(IB)-4535(MB)/2019
(Under Section 7 of the Insolvency and
Bankruptcy Code, 2016 read with Rule 4 of the
Insolvency and Bankruptcy (Application to
Adjudication Authority) Rule 2016.)
In the matter of
Canara Bank
Having Registered Office at: 112, JC Road
Bangalore.
Branch: 1st Floor, A Wing, Canara Bank
Building C-14, ‘G’ Block, Bandra-Kurla
Complex,
Bandra
(East),
Mumbai,
Maharashtra- 400051.
……Financial Creditor/Applicant
Vs
GTL Limited
Having Registered Office at: Global Vision
Electronic Sadan No. II MIDC, TTC,
Industrial Area, Mahape Navi Mumbai,
Maharashtra -400710.
..…..Corporate Debtor/Respondent
Order delivered on: 18.11.2022
2 of 22
Coram:
Hon’ble Member (Judicial) : Justice P.N. Deshmukh (Retd.)
Hon’ble Member (Technical) : Shri Shyam Babu Gautam
Appearances:
For the Financial Creditor : Counsel, Mr. Rohit Gupta
For the Corporate Debtor : Senior Counsel, Mr. Atul Nanda
Counsel, Mr. Rohan Rajadhyaksha
ORDER
Per- Justice P.N. Deshmukh (Retd.), Member Judicial
1. The present Company Petition (IB)-4535(MB)/2019 is
filed under Section 7 of Insolvency and Bankruptcy Code, 2016
(for brevity ‘IBC, 2016’) read with Rule 4 of the Insolvency and
Bankruptcy (Application to Adjudicating Authority) Rules, 2016
(for brevity ‘the Rules’) on 06.12.2019, by Canara Bank (for brevity
‘Financial Creditor’) through its Authorised Person, Mr. Amrit
Ghosh, who has been duly authorised vide Power of Attorney
dated 01.06.1999 for initiating Corporate Insolvency Resolution
Process (CIRP) against GTL Limited (for brevity ‘Corporate Debtor’)
for default in repaying an amount of ₹534,76,33,736.81 (Indian
Rupees Five Hundred Thirty Four Crores Seventy Six Lacs Thirty
Three Thousand Seven Hundred Thirty Six and Eighty One Paise
only), as on 29.09.2014.
Simultaneously, the Respondent filed IA/678/2020 and
IA/742/2020 on 21.02.2020 and 26.02.2020 respectively,
seeking to dismiss the CP(IB)/4535(MB)/2019 for lack of
3 of 22
authorisation in favour of the authorised signatory of the
Petitioner and further, to defer the hearing in the above-
mentioned petition, till SLP(Diary) No. 7345 of 2020 pending
before the Hon’ble Supreme Court of India is decided.
2. On perusal of the IA/678/2020, IA/742/2020 and CP(IB)-
4535(MB)/2019, it reveals that the Petitioner had filed Company
Petition No. 3586 of 2018 (First Petition) before this Hon’ble
Tribunal under Section 7 of IBC pursuant to a Notification dated
February 12, 2018 issued by the Reserve Bank of India titled as
Resolution of Stressed Assets-Revised Framework (Revised
Framework). The Respondent opposed the First Petition on
various grounds including that the Revised Framework was
unconstitutional and accordingly filed a Writ Petition No. 1206 of
2018 before the Hon’ble Supreme Court of India, wherein, the
respondent categorically admitted that the First Petition was filed
pursuant to the Revised Framework. On 02.04.2019, the Hon’ble
Supreme Court of India allowed the said Writ Petition and
declared the Revised Framework as ultravires and therefore
non-est. Further, it was declared that all cases filed under
Section 7 of IBC pursuant to the Revised Framework were
non-est. Despite this judgement, the Petitioner contended before
this Tribunal that the First Petition was maintainable on the
ground that it was not filed pursuant to the Revised Framework.
Thus, the Respondent filed a Miscellaneous Application seeking
dismissal of the First Petition on the basis of the judgement of
4 of 22
Hon’ble Supreme Court of India. Further, on 26.11.2019, this
Tribunal allowed the said Miscellaneous Application and
dismissed the
