# In the matter of Aseem Srivastav Vs. ICICI Bank Limited & Anr. Company Appeal(AT)(Insolvency) No. 147 of 2021 With Company Appeal(AT)(Insolvency) No. 378 of 2021

> NCLAT judgment dated 2021-11-29. Citation: TCN-2021-NCLAT-00038. The appeals were filed against the order dated 11.02.2021 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 29 Nov 2021
- **Citation:** TCN-2021-NCLAT-00038
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/aseem-srivastav-vs-icici-bank-limited-anr-company-appeal-a407fbb2

## Summary

### Background

The appeals were filed against the order dated 11.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in CP(IB) No. 131/KB/2020, which admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by ICICI Bank Limited Financial Creditor (Respondent No. 1) and initiated Corporate Insolvency Resolution Process (CIRP) against Mc Nally Sayaji Engineering Limited Corporate Debtor (Respondent No. 2). Mr. Aseem Srivastav, the Suspended Director of the Corporate Debtor Company, filed CA (AT) (Ins) No. 147 of 2021, while Kotak Mahindra Bank Limited filed CA (AT) (Ins) No. 378 of 2021 against the same order.

## Facts

ICICI Bank Limited granted and disbursed Rupee Term Loan and Working Capital facilities to Mc Nally Sayaji Engineering Limited. The Rupee Term Loan facility I of Rs. 25 Crores was disbursed on June 18, 2015. The Rupee Term Loan facility II of Rs. 25 Crores was disbursed on June 27, 2015. The Working Capital facility was renewed from time to time. The total amount in default in facility I as on December 31, 2019, was Rs. 14,50,49,157.39, with the date of default being January 31, 2019. The amount of default under facility II as on December 31, 2019, was Rs. 14,50,75,502, with the date of default being January 31, 2019. The amount of default under the Working Capital Facility as on December 31, 2019, was Rs. 45,84,41,659.02, with the date of default being January 28,

…

## Issues and analysis

### Issue 1: Whether there is …

**Ratio:** Section 7 of the IBC allows a financial creditor, either individually or jointly with

…

**Reasoning:** The NCLAT distinguished the present case under Section 7 of the IBC from cases under

…

**Interpretation:** The provision allows for a consolidated approach in initiating CIRP, even if

…

**Application:** The account of the Corporate Debtor was classified as NPA on 31.03.2019.

…

## Parties

- **Judges:** Jarat Kuma…; Ashok Kumar…
- **Appellants:** ASEEM SRI…
- **Respondents:** MC NALLY SAYAJI…; ICICI Bank…

## Timeline

- **2015-06-18 — Disbursement of Rupee…**: Rupee Term Loan facility of…
- **2015-06-27 — Disbursement of Rupee…**: Rupee Term Loan facility of…

## 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/aseem-srivastav-vs-icici-bank-limited-anr-company-appeal-a407fbb2