# In the matter of Ankit Patni Vs State Bank of India  Anr. CA (AT) (Insolvency) No. 369-2018

> NCLAT judgment dated 2018-11-29. Citation: TCN-2018-NCLAT-00043. The appeal was filed by Mr. Ankit Patni, Promoter and Director of ‘Impex Metal & Ferro Alloys…

- **Court:** NCLAT
- **Order date:** 29 Nov 2018
- **Citation:** TCN-2018-NCLAT-00043
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ankit-patni-vs-state-bank-of-india-anr-ca-223526fa

## Summary

### Background

The appeal was filed by Mr. Ankit Patni, Promoter and Director of ‘Impex Metal & Ferro Alloys Limited' (Corporate Debtor), against the order dated 3rd July, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata. The Adjudicating Authority admitted the application preferred by the Respondent, State Bank of India, under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Mr. Ankit Patni, Promoter and Director of ‘Impex Metal & Ferro Alloys Limited' (Corporate Debtor), filed an appeal against the order dated 3rd July, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which admitted the application preferred by the Respondent, State Bank of India, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Appellant argued that the application under Section 7 was not maintainable because the State Bank of India was bound by the directions of the Reserve Bank of India and was required to follow the statutory mandate. The Appellant contended that the circulars issued by the Reserve Bank of India provided a two-year period for issuance of reference dates and that the State Bank of

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by the …

**Ratio:** The right of the Creditors under the ‘I&B Code’ for initiation of 'Corporate

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**Reasoning:** The NCLAT found that there was no dispute about debt or default and the same has not been

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**Interpretation:** The Insolvency and Bankruptcy Code, 2016 provides a statutory right to

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**Application:** In the present case, the NCLAT found that there was no dispute about debt or

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Ankit P…
- **Respondents:** Impex Metal &…; State Bank of…
- **Advocates:** Sabya Sachi…; Nandini…; +3 more

## Timeline

- **2018-07-03 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata,…
- **2018-11-29 — Order by…**: The NCLAT dismissed the…

## 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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