This is a Company Appeal (AT) (Insolvency) No. 232/2023 filed by Punit Goenka against the admission of a Section 7 application by the Adjudicating Authority. The appeal challenges the order dated 22.02.2023 passed by the National Company Law Tribunal, Mumbai Bench, Court III, in I.A. No. 742 of 2022 and CP(IB) No. 221/MB/2022. The appellant contends that the Adjudicating Authority wrongly construed an earlier order dated 11th July, 2022, as forfeiting the corporate debtor's right to file a reply and proceeded to admit the Section 7 application without granting an opportunity to the appellant to file a reply or address arguments. The corporate debtor also filed I.A. No. 1378 of 2022, seeking dismissal of the Section 7 application under Section 10A of the IBC, arguing
…Punit Goenka filed an appeal against the order dated 22.02.2023 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, admitting a Section 7 application filed by Indusind Bank Ltd. The NCLT's order was based on the premise that the Corporate Debtor's right to file a reply had been forfeited due to an earlier order dated 11th July, 2022. The Corporate Debtor had filed I.A. No. 742 of 2022 seeking rectification of an order dated 01st March, 2022, and I.A. No. 1378 of 2022 seeking dismissal of the Section 7 application under Section 10A of the Insolvency and Bankruptcy Code (IBC). The appellant argued that the 11th July order was misinterpreted and did not actually forfeit their right to reply. The respondent contended that the appellant had ample opportunity
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This is a Company Appeal (AT) (Insolvency) No. 232/2023 filed by Punit Goenka against the admission of a Section 7 application by the Adjudicating Authority. The appeal challenges the order dated 22.02.2023 passed by the National Company Law Tribunal, Mumbai Bench, Court III, in I.A. No. 742 of 2022 and CP(IB) No. 221/MB/2022. The appellant contends that the Adjudicating Authority wrongly construed an earlier order dated 11th July, 2022, as forfeiting the corporate debtor's right to file a reply and proceeded to admit the Section 7 application without granting an opportunity to the appellant to file a reply or address arguments. The corporate debtor also filed I.A. No. 1378 of 2022, seeking dismissal of the Section 7 application under Section 10A of the IBC, arguing
…Punit Goenka filed an appeal against the order dated 22.02.2023 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, admitting a Section 7 application filed by Indusind Bank Ltd. The NCLT's order was based on the premise that the Corporate Debtor's right to file a reply had been forfeited due to an earlier order dated 11th July, 2022. The Corporate Debtor had filed I.A. No. 742 of 2022 seeking rectification of an order dated 01st March, 2022, and I.A. No. 1378 of 2022 seeking dismissal of the Section 7 application under Section 10A of the Insolvency and Bankruptcy Code (IBC). The appellant argued that the 11th July order was misinterpreted and did not actually forfeit their right to reply. The respondent contended that the appellant had ample opportunity
…The Adjudicating…
The Adjudicating Authority passed an order on…