# In the matter of Rajiv Munjal, Suspended Director Of Indrajit Power Pvt. Ltd. Vs Yes Bank Ltd. & Ors

> NCLAT judgment dated 2024-02-23. Citation: TCN-2024-NCLAT-00621. The case involves an appeal against an order dated 2024-02-01, where a Section 7 application…

- **Court:** NCLAT
- **Order date:** 23 Feb 2024
- **Citation:** TCN-2024-NCLAT-00621
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rajiv-munjal-suspended-director-of-indrajit-power-pvt-ltd-vs-yes-bank-ltd-ors-d27f7830

## Summary

### Background

The case involves an appeal against an order dated 2024-02-01, where a Section 7 application filed by Yes Bank Ltd. was admitted. The appellant is Rajiv Munjal, the suspended director of Indrajit Power Pvt. Ltd. Yes Bank Ltd. and others are the respondents. The appellant's counsel submits that Yes Bank Ltd. has initiated a process for assignment of debt in favor of JC Flowers ARC Ltd. The counsel for Yes Bank submits that the assignment has not yet concluded. The appellant is ready to settle the debt with the assignee.

## Facts

Rajiv Munjal, the suspended director of Indrajit Power Pvt. Ltd., filed an appeal against the admission of a Section 7 application by Yes Bank Ltd. The key fact is that Yes Bank Ltd. has initiated a process to assign the debt to JC Flowers ARC Ltd. However, the assignment is not yet finalized. The appellant has expressed readiness to settle the debt with the assignee. The relevance of these facts lies in the potential settlement of the debt, which could impact the insolvency proceedings initiated by Yes Bank Ltd.

## Issues and analysis

### Issue 1: Whether the appeal against the order dated 2024-02-01, admitting the Section 7 application filed by …

**Ratio:** The principle of allowing parties to explore settlement options before proceeding with

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**Reasoning:** The court acknowledges the ongoing debt assignment process and its potential impact on

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**Interpretation:** The interpretation involves considering the stage of the debt assignment

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**Application:** The court's decision to list the appeal for further hearing and allow the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Rajiv M…
- **Respondents:** Indrajit Power…; Yes Bank…
- **Advocates:** Abhishek…; Manpreet…; +8 more

## Timeline

- **2024-02-01 — Order Da…**: Order passed admitting Section 7…
- **2024-02-23 — Appeal Fili…**: Appeal filed against the…

## 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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