NATIONAL COMPANY LAW APPELLATE TRIBUNAL

NEW DELHI

Company Appeal (AT)(Ins) No. 499 of 2019

IN THE MATTER OF:

Harkirat S. Bedi

…Appellant

Versus

Oriental Bank of Commerce.

…Respondent

Present :

For Appellant:

Mr. Balaji Srinivasan and Ms. Pallavi Sengupta,

Advocates

O R D E R

08.05.2019

This appeal has been preferred by Mr. Harkirat S. Bedi,

Director of ‘M/s. IDEB Projects Pvt. Ltd.’ (Corporate Debtor) against order dated

29^th March, 2019 passed by the Adjudicating Authority (National Company Law

Tribunal), Bengaluru Bench admitted application u/s 7 of the Insolvency and

Bankruptcy Code, 2016 (for short, the ‘I&B Code’) filed by ‘Oriental Bank of

Commerce (Financial Creditor).

2.

Learned counsel appearing on behalf of the Appellant submitted that the

recovery proceeding is already pending before the ‘Debt Recovery Tribunal’

(DRT) which is the subject matter of the application u/s 7 of the I&B Code. She

further submitted that the challenge before the DRT is made with regard to

violation of clause 35 of the ‘Memorandum of Understanding’ (MOU) dated 9^th

May, 2012. It is submitted that the ‘Recovery Certificate’ bear