# In the matter of Punit Goenka vs. Indusind Bank Ltd. & Anr. Company Appeal (AT) (Insolvency) No. 232-2023

> NCLAT judgment dated 2023-02-24. Citation: TCN-2023-NCLAT-00700. This is a Company Appeal (AT) (Insolvency) No. 232/2023 filed by Punit Goenka against the…

- **Court:** NCLAT
- **Order date:** 24 Feb 2023
- **Citation:** TCN-2023-NCLAT-00700
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/punit-goenka-vs-indusind-bank-ltd-anr-company-appeal-99ea53d2

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in admitting the Section 7 application filed by the …

**Ratio:** The Adjudicating Authority must provide a fair opportunity to the Corporate Debtor to

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**Reasoning:** The NCLAT found that the Adjudicating Authority may have misinterpreted the order dated

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**Interpretation:** The interpretation of the order dated 11th July, 2022, is crucial in

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**Application:** The NCLAT stayed the order of the Adjudicating Authority and issued notice to

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Punit G…
- **Respondents:** ZEEL…; IndusInd Ba…

## Timeline

- **2022-03-01 — Order by Adjudicating…**: The Adjudicating Authority directed the…
- **2022-07-11 — Order by Adjudicating…**: The Adjudicating Authority passed an order on I.A. No. 594 of 2022, which was later…

## 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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