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IN THE NATIONAL COMPANY LAW TRIBUNAL
KOCHI BENCH
KOCHI
IA(IBC)/273/KOB/2022
IN
IA(IBC)/194/KOB/2021
IN
TIBA/07/KOB/2019
(Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of
NCLT Rules, 2016)
In the matter of:
Mr. V.K. Abdul Rahim, Shareholder, Financial Creditor & Suspended Managing
Director of M/s. Sargam Builders Pvt. Ltd., 28/3858-D, Sargam House, Kochi- 20
and residing at Sargam, Water Land Road, Elamkulam, Kochi- 682 020. Email:
rahimnaina@gmail.com;
… Applicant
-Versus-
1. C.A. Jain Jose, Resolution Professional/Liquidator, M/s. Sargam Builders (P)
Ltd., 28/3858/D, Sargam House, Water Land Road, Elamkulam, Kochi- 682
020. IBBI Registered Address: Ponmattam, Madassery, Mookkanoor P.O.,
Angamaly, Kochi- 683 577. Email: jasinjoseponmattam@gmail.com;
2. Silpa Projects and Infrastructure (I) Pvt. Ltd., North Avenue, 3rd Floor, North
Avenue, Paramara Road, Ernakulam North, Kochi- 682 018. Email:
kptfcs@gmail.com.
… Respondents
In the matter of:
The Federal Bank Limited;
… Financial Creditor
-Versus-
Sargam Builders Pvt. Ltd.
…Corporate Debtor
Coram:
Shri. P. Mohan Raj :
Member (Judicial)
Shri. Satya Ranjan Prasad :
Member (Technical)
IN THE NATIONAL COMPANY LAW TRIBUNAL
KOCHI BENCH
IA(IBC)/273/KOB/2022
IN
IA(IBC)/194/KOB/2021
IN
TIBA/07/KOB/2019
In re: The Federal Bank Limited Vs. Sargam Builders Pvt. Ltd.
Page 2 of 13
Parties/Counsel present (through video conference):
For Applicant
:
M/s. Babu Karukapadath,
Mr. P.U. Vinod Kumar,
Mrs. Arya Raghunath,
Mr. T.M. Muhammed
Musthaq,
Mr. Ajwin P. Lalson,
Mr. Wazim Babu
Karukapadath, Advocates.
For Respondent No.1
:
Mr. Harikumar G. Nair,
Mr. Akhil Suresh,
Mr. Anu Balakrishnan
Nambiar,
Mr. Athul M.V., Advocates.
For Respondent No.2
:
M/s. A.V. Thomas Associates.
Order reserved on: 30.11.2022
Order pronounced on: 23.12.2022
O R D E R
1. The present application is filed by the Suspended Managing Director of the
Corporate Debtor M/s. Sargam Builders Pvt. Ltd, under Section 60 (5) of
the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the
"Code") read with Rule 11 of NCLT Rules, 2016 seeking the following
reliefs: -
➢ To recall the order dated 03.03.2022 in IA(IBC)/194/KOB/2021 in
TIBA/07/KOB/2019 of this Tribunal to the extent allowing the 1st
Respondent to admit the claim of the 2nd Respondent, operational Creditor,
M/s. Silpa Projects and Infrastructure (I) Pvt. Ltd.
IN THE NATIONAL COMPANY LAW TRIBUNAL
KOCHI BENCH
IA(IBC)/273/KOB/2022
IN
IA(IBC)/194/KOB/2021
IN
TIBA/07/KOB/2019
In re: The Federal Bank Limited Vs. Sargam Builders Pvt. Ltd.
Page 3 of 13
2. The facts as narrated in the application and explained by the Applicant
are summarized hereunder:
i.
The IA(IBC)/194/KOB/2021, was filed by the 1st Respondent
Liquidator for an order allowing the liquidator to accept the claim
of the 2nd Respondent Operational creditor and certain others. It is
stated that, the 1st Respondent deliberately suppressed the material
facts and thereby practicing fraud on the Tribunal managed to
obtain
