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Tribunals and CommissionsDivision Bench(2023) 10 NCLAT CK 0006

Indian Bank vs Wearit Global Ltd

National Company Law Appellate Tribunal · Decided on 4 October 2023

HON’BLE JUDGES
Ashok Bhushan, Chairperson · Barun Mitra, Member (T)
RESULT
Disposed Of
CASE NUMBER
Company Appeal (AT)(Insolvency) No. 808 Of 2023 & I.A. No. 2726 Of 2023

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Judgment

4 paragraphs · 196 words

Barun Mitra, Member (Technical)]

1.

The present appeal filed under Section 61 of Insolvency and Bankruptcy Code, 2016 (“IBC” in short) by the Appellant-Financial Creditor arises out of the Order dated 28.04.2023 (hereinafter referred to as “Impugned Order”) passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in Rst. A.(IBC)/9(KB)2023 in CP(IB) No. 70(KB)2022.

2.

By the impugned order, the Adjudicating Authority had rejected the restoration application vide Rst.A.(IBC)/9(KB)2023 filed by Indian Bank in respect of their Section 7 application vide CP(IB) No. 70(KB)2022 on the ground that an appeal was pending before this Tribunal in a connected matter in CA (AT) (Ins.) 413 of 2022. Aggrieved by this impugned order, the present appeal has been preferred by the Financial Creditor.

3.

Since the connected matter in CA (AT) (Ins.) 413 of 2022 has been disposed of as of date by this Tribunal by admitting the Corporate Debtor-Respondent into the rigours of CIRP, the appeal seeking restoration of the Section 7 application has become infructuous and is therefore dismissed. It shall however remain open to the Appellant to pursue his remedies before the IRP or any other appropriate legal forum in accordance with law.