# In the matter of Action Barter Private Limited Vs. SREI Equipment Finance Limited & Anr. CA(AT)(Ins) No. 1434 of 2019

> NCLAT judgment dated 2020-02-07. Citation: TCN-2020-NCLAT-00429. The case involves an appeal against an order dated November 6, 2019, passed by the…

- **Court:** NCLAT
- **Order date:** 7 Feb 2020
- **Citation:** TCN-2020-NCLAT-00429
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/action-barter-private-limited-vs-srei-equipment-finance-limited-anr-ca-ee6ba034

## Summary

### Background

The case involves an appeal against an order dated November 6, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The initial application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by SREI Equipment Finance Limited (‘Financial Creditor’) against Shree Ram Urban Infrastructure Limited (‘Corporate Debtor’). Action Barter Private Limited, a shareholder, challenged the application, citing a previously admitted winding-up petition against Shree Ram Urban Infrastructure Ltd. by the High Court of Bombay in October 2016, with an Official Liquidator appointed in November 2017. The appellant argued that the Section 7 application was not maintainable due to the pending winding-up petition.

## Facts

Action Barter Private Limited, a shareholder, appealed against the admission of a Section 7 application under the Insolvency and Bankruptcy Code (I&B Code) filed by SREI Equipment Finance Limited against Shree Ram Urban Infrastructure Limited. A winding-up petition against Shree Ram Urban Infrastructure Ltd. had already been admitted by the High Court of Bombay in October 2016, with an Official Liquidator appointed in November 2017. The appellant argued that the Section 7 application was not maintainable due to the existing winding-up petition. The Provisional Liquidator had taken over the assets and properties of Shree Ram Urban Infrastructure Ltd. on April 17, 2018. An application under Section 7 of the I&B Code filed by Indiabulls Housing Finance Limited was

…

## Issues and analysis

### Issue 1: Whether the Application under Section 7 of the I&B code filed by the Respondent – SERI …

**Ratio:** The ratio is based on the interpretation of Section 11 of the I&B Code and the

…

**Reasoning:** The court reasoned that the case is covered by the decision of the Hon'ble Supreme Court

…

**Interpretation:** The interpretation involves understanding the interplay between the I&B

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

…

## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…; +1 more
- **Appellants:** Action Barter…
- **Respondents:** Shree Ram Urban…; SREI Equipment…

## Timeline

- **2016-10-01 — Winding-up Petition…**: Winding-up petition against Shree Ram Urban Infrastructure Ltd. admitted by the High…
- **2017-11-15 — Official Liquidator…**: Official Liquidator appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/action-barter-private-limited-vs-srei-equipment-finance-limited-anr-ca-ee6ba034