# In the matter of Ammeet Kamal Agarwal Suspended Director of
Supreme Transport Organisation Pvt. Ltd. vs. Axis Bank Ltd. & Anr.

> NCLAT judgment dated 2025-10-06. Citation: TCN-2025-NCLAT-00521. The appeal was filed against the order dated 08.09.2023 passed by the Adjudicating Authority,…

- **Court:** NCLAT
- **Order date:** 6 Oct 2025
- **Citation:** TCN-2025-NCLAT-00521
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ammeet-kamal-agarwal-suspended-director-of-supreme-transport-organisation-pvt-lt-3262b673

## Summary

### Background

The appeal was filed against the order dated 08.09.2023 passed by the Adjudicating Authority, which admitted the Section 7 application filed by Axis Bank.

## Facts

Axis Bank filed an application under Section 7 against the Corporate Debtor claiming debt and default of Rs. 16,95,95,909 as on 16.03.2023.

The Corporate Debtor filed a reply opposing the Section 7 application.

The Adjudicating Authority admitted the Section 7 application.

The Appellant was directed to deposit Rs. 10,49,26,262, which was noticed by the court on 15.09.2023, but the Appellant did not deposit the amount.

The financial creditor sanctioned a loan of Rs. 24.90 Cr, but disbursement was only of Rs. 12.50 Cr. as on 31.03.2017.

The Corporate Debtor submitted documents pertaining to property by letter dated 29.03.2017, but Axis Bank informed that original documents are not with the Bank.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in admitting …

**Ratio:** The Adjudicating Authority did not err in

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**Reasoning:** The Tribunal found no error in the order of the Adjudicating Authority admitting the

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**Interpretation:** The Adjudicating Authority's decision to admit the Section 7 application was

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**Application:** The appeal against the admission of the

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## Parties

- **Judges:** Ashok Bh…; Arun Ba…
- **Appellants:** Ammeet Kamal…
- **Respondents:** Supreme Transport…; Axis Ban…
- **Other parties:** AXIS…
- **Advocates:** Krishna S…; Kaush…; +2 more

## Timeline

- **2023-09-08 — Order Da…**: Order passed by the Adjudicating Authority admitting the Section 7 application filed by…
- **2023-09-15 — Court No…**: Court noticed that the Appellant was…

## 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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