# In the matter of Ranvir Ranjit Vs. Vijay R. Vakharia & Ors. I.A. No. 1809-2018 In CA (AT) (insolvency) No. 646-2018

> NCLAT judgment dated 2019-01-22. Citation: TCN-2019-NCLAT-00857. The main appeal was preferred by the Appellant, Ranvir Ranjit, Director and Shareholder of…

- **Court:** NCLAT
- **Order date:** 22 Jan 2019
- **Citation:** TCN-2019-NCLAT-00857
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ranvir-ranjit-vs-vijay-r-vakharia-ors-ia-no-1809-2018-in-ca-a0984c70

## Summary

### Background

The main appeal was preferred by the Appellant, Ranvir Ranjit, Director and Shareholder of Rayala Corporation Pvt. Ltd. (Corporate Debtor), against the order dated 12th October, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai, admitting the application of the 1st to 7th Respondents under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appeal was listed on 29th October, 2018, where the Appellate Tribunal considered the contentions of the Appellant and directed that the Resolution Professional ensure the company remains a going concern and take assistance from the suspended Board of Directors. The person authorized to sign bank cheques may issue cheques only after authorization of the Resolution Professional.

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## Facts

Ranvir Ranjit, Director and Shareholder of Rayala Corporation Pvt. Ltd. (Corporate Debtor), appealed against the Adjudicating Authority's order admitting the application of the Respondents under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed credit facilities from LIC Housing Finance Limited (LICHFL) against rental income. The Appellant sought modification of the interim order to allow payments related to these credit facilities. The Corporate Debtor has availed certain credit facilities from 'LIC Housing Finance Limited” (“LICHFL” for short). The said loans have been availed against rental income of the ‘Corporate Debtor', as detailed in the document. The monthly instalment with regard to the abovementioned loan accounts are

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## Issues and analysis

### Issue 1: Whether the interim order dated 29th October, 2018, should be modified to allow payments related to …

**Ratio:** The court has the power to modify its orders, but such modification must be based on

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**Reasoning:** The court found no sufficient grounds to modify the interim order, considering the

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**Interpretation:** The court interpreted the existing interim order and the arguments for

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**Application:** The court applied the ratio to the specific facts of the case, considering the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Ranvir R…
- **Respondents:** RAYALA CORPORATION…; Vijay R. Va…

## Timeline

- **2018-10-12 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai, passed…
- **2018-10-29 — Appeal L…**: The Appeal was listed on 29th October, 2018, wherein after considering the contentions of…

## 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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