# In the matter of Aditya Kumar Jajodia Vs. Srei Infrastructure Finance Ltd. & Ors. CA (AT) Nos. 292, 293 & 324-2017

> NCLAT judgment dated 2018-04-26. Citation: TCN-2018-NCLAT-00316. Srei Infrastructure (P) Limited, the Financial Creditor, initiated Corporate Insolvency…

- **Court:** NCLAT
- **Order date:** 26 Apr 2018
- **Citation:** TCN-2018-NCLAT-00316
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/aditya-kumar-jajodia-vs-srei-infrastructure-finance-ltd-ors-ca-48ab62e0

## Summary

### Background

Srei Infrastructure (P) Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Assam Company India Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Guwahati Bench, admitted the application, passed an order of moratorium, and appointed a Resolution Professional. Aditya Kumar Jajodia, a shareholder and director of the company, challenged the impugned order. Allahabad Bank also filed an appeal against part of the same impugned order.

## Facts

Srei Infrastructure (P) Limited, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Assam Company India Limited, the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority, specifically the National Company Law Tribunal (NCLT), Guwahati Bench, admitted the application, leading to the imposition of a moratorium and the appointment of a Resolution Professional. Aditya Kumar Jajodia, a shareholder and director of the Corporate Debtor, challenged this order. Jajodia argued that the Financial Creditor had already initiated proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (DRT Act), and the Securitisation and

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the I&B Code is maintainable when proceedings under …

**Ratio:** The provisions of the I&B Code override other laws, including the DRT Act and

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**Reasoning:** The Appellate Tribunal relied on its previous decision in “M/s. Unigreen Global Private

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**Interpretation:** Section 238 of the I&B Code establishes the primacy of the Code over other

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**Application:** In this case, the fact that the Financial Creditor had already taken steps

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Aditya Kumar…
- **Respondents:** Assam Company…; Srei Infrastructur…

## Timeline

- **2017-10-26 — Impugned Order by…**: The Adjudicating Authority (National Company Law Tribunal), Guwahati Bench, admitted the…
- **2017-12-01 — Appellate Tribunal Decision in Unigreen Global…**: The Appellate Tribunal held that proceedings under Section 13(4) of the SARFAESI Act or…

## 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)

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