NATIONAL COMPANY LAW APPELLATE TRIBUNAL

NEW DELHI

Company Appeal (AT) (Insolvency) No. 389 of 2020

IN THE MATTER OF:

Vidarbha Industries Power Ltd.

…Appellant

Versus

Axis Bank Ltd.

…Respondent

Present:

For Appellant :

Mr. Abhijeet Sinha, Mr. Ankur Kashyap, Mr. Hasan

Murtaza and Mr. Alok Kumar, Advocates.

O R D E R

04.03.2020

Axis Bank Ltd. has moved an application under Section 7 of

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

Vidarbha Industries Power Limited (‘Corporate Debtor’ - Appellant herein). The

matter is pending consideration and posted for hearing today, i.e., on 4^th March,

2020. In the said case, the Appellant has moved a Miscellaneous Application

(MA), which has not been ordered to be listed on 4^th March, 2020 by the

impugned order dated 13^th February, 2020 passed by the Adjudicating Authority

(National Company Law Tribunal), Court -5, Mumbai Bench, Mumbai.

Learned Counsel for the Appellant submits that the Adjudicating Authority

should not admit the Application under Section 7 filed by the Axis Bank Ltd.

without hearing the MA filed by the Appellant herein. Learned Counsel for the

Appellant further submits that the Axis Bank Ltd. has moved before the

Appropriate Forum and the matter is pending and the application under Section

7 of the I&B Code has been filed with malicious intent not for ‘Resolution’ or

‘Liquidation’ and thereby calls for penal action under Section 65 of the I&B Code.

Page 1 of 2

In the present case, as we find that no specific order has been passed by

the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench,

we are not inclined to make any observation with regard to claims and counter

claims of the parties. The Appellant is given liberty to raise the issue before the

Adjudicating Authority as raised before this Appellate Tribunal as noted above.

The Adjudicating Authority will consider the same in accordance with law after

notice to the parties. However, in the meantime, if any order is passed by the

Adjudicating Authority without considering the stand taken in the MA by the

Appellant herein, it will be open to the Appellant to move before this Appellate

Tribunal against such order.

The Appeal stands disposed of.

[Justice S.J. Mukhopadhaya]

Chairperson

[ Justice Bansi Lal Bhat ]

Member (Judicial)

Ash/SR/RR

Company Appeal (AT) (Insolvency) No. 389 of 2020

Page 2 of 2