# In the matter of D. R. Balakrishna Raja Vs. Indian Bank & Anr. CA (AT) No. 611-2018

> NCLAT judgment dated 2018-10-03. Citation: TCN-2018-NCLAT-00096. This is an appeal against the order dated 14th August, 2018 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 3 Oct 2018
- **Citation:** TCN-2018-NCLAT-00096
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/d-r-balakrishna-raja-vs-indian-bank-anr-ca-e69d27dd

## Summary

### Background

This is an appeal against the order dated 14th August, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) preferred by the Indian Bank (Financial Creditor). The order also passed a moratorium and appointed an Interim Resolution Professional.

## Facts

The Director of M/s. B.K.R. Hotels and Resorts Private Limited (Corporate Debtor) filed an appeal against the order dated 14th August, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai. The Adjudicating Authority admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Indian Bank (Financial Creditor), initiated a moratorium, and appointed an Interim Resolution Professional. The appellant argued that the application was not signed by the authorized representative, the Banker's record was not filed, and the consent letter of the Interim Resolution Professional was not enclosed. The original amount due was shown to be Rs. 43 Crores but subsequently it has been claimed that Rs. 59 Crores

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## Issues and analysis

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

**Ratio:** The Supreme Court in “Innoventive Industries Ltd. v. ICICI Bank clarified the

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**Reasoning:** The court considered the Supreme Court's decision in Innoventive Industries Ltd. v. ICICI

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**Interpretation:** The court interpreted the provisions of Section 7 of the Insolvency and

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**Application:** The court applied the ratio of the Supreme Court's decision in Innoventive

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** D.R. Balakrishna…
- **Respondents:** B.K.R. Hotels and…; Indian Bank…
- **Advocates:** Nesar A…; Rohit Cha…; +2 more

## Timeline

- **2018-08-14 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai, passed…
- **2018-10-03 — Appeal F…**: The Director of M/s. B.K.R. Hotels and Resorts Private Limited (Corporate Debtor)…

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