# In the matter of Naresh Kumar Sharma Vs. Oriental Bank of Commerce & Anr. CA(AT)(Insolvency) 628-2018

> NCLAT judgment dated 2019-09-18. Citation: TCN-2019-NCLAT-00271. The case involves an appeal against an order dated 11th September 2018 passed by the…

- **Court:** NCLAT
- **Order date:** 18 Sept 2019
- **Citation:** TCN-2019-NCLAT-00271
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/naresh-kumar-sharma-vs-oriental-bank-of-commerce-anr-ca-931a46c2

## Summary

### Background

The case involves an appeal against an order dated 11th September 2018 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Bench III, in C.P.IB-22/ND/2018. The Respondent, Oriental Bank of Commerce, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against M/s. Shekhar Resorts Ltd., the Corporate Debtor. The Adjudicating Authority admitted the application, leading to the appeal by the Director/Shareholder of the Corporate Debtor.

## Facts

Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Shekhar Resorts Ltd. The Adjudicating Authority admitted the application. The Director/Shareholder of Shekhar Resorts Ltd. appealed the decision. The Appellant argued that the Corporate Debtor was not a willful defaulter, a claim initially accepted by Oriental Bank of Commerce in a notice dated June 19, 2016. Oriental Bank of Commerce claimed a total default of Rs. 19,67,64,134, including interest, while the Appellant had paid approximately Rs. 15.88 Crores until March 2018. The Appellant also raised the issue of the maintainability of the Section 7 petition. The Appellant had previously filed a

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## Issues and analysis

### Issue 1: Whether the National Company Law Tribunal, New Delhi, has territorial jurisdiction over the …

**Ratio:** Section 60(1) of the Insolvency and Bankruptcy Code, 2016, determines the jurisdiction of

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**Reasoning:** The court found that the registered office of the Corporate Debtor was situated in New

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**Interpretation:** Section 60(1) establishes that the location of the Corporate Debtor's

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**Application:** Since the registered office of Shekhar Resorts Ltd. was in New Delhi, the

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Sh. Naresh Kumar…
- **Respondents:** M/s. Shekhar…; Oriental Bank of…

## Timeline

- **2018-09-11 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), New Delhi, passed an order…
- **2016-06-19 — Oriental Bank of…**: Oriental Bank of Commerce issued a notice stating that the Corporate Debtor was not a…

## 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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