# In the matter of Sachin Gosar vs. Piramal Capital & Housing Finance Ltd. & Ors. Company Appeal (AT) (Insolvency) No. 314 of 2023

> NCLAT judgment dated 2023-04-21. Citation: TCN-2023-NCLAT-00592. The appeal was filed by a suspended Director of the Corporate Debtor against the order dated…

- **Court:** NCLAT
- **Order date:** 21 Apr 2023
- **Citation:** TCN-2023-NCLAT-00592
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sachin-gosar-vs-piramal-capital-housing-finance-ltd-ors-company-appeal-1899d3e0

## Summary

### Background

The appeal was filed by a suspended Director of the Corporate Debtor against the order dated 02.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court V, admitting Section 7 application filed by Piramal Capital & Housing Finance Limited. Dewan Housing Finance Corporation Limited (now Piramal Capital & Housing Finance Limited) sanctioned a loan of Rs.20 Crores to the Corporate Debtor on 22.08.2018. On 30.08.2018, the Corporate Debtor was disbursed an amount of Rs.10 Crore. Piramal Capital filed an application on 28.09.2022 for initiating the Corporate Insolvency Resolution Process against the Corporate Debtor, claiming Rs.16,37,29,496/-. The Adjudicating Authority issued notices on 01.11.2022, fixing the next date on

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## Facts

Dewan Housing Finance Corporation Limited (DHFL), now Piramal Capital & Housing Finance Limited, sanctioned a loan of Rs. 20 Crores to the Corporate Debtor on 22.08.2018. The Corporate Debtor received Rs. 10 Crores on 30.08.2018. DHFL was taken over by an Administrator, and insolvency proceedings were initiated against DHFL. The Corporate Debtor filed an application seeking disbursement of the remaining Rs. 10 Crores. Piramal Capital filed an application on 28.09.2022 to initiate CIRP against the Corporate Debtor for a default of Rs. 16,37,29,496/-. The Adjudicating Authority issued notices on 01.11.2022, setting the next hearing for 02.12.2022. On 02.12.2022, the Corporate Debtor appeared and requested time to file a Vakalatnama and reply. The Adjudicating

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in proceeding ex-parte against the Corporate …

**Ratio:** The principle of natural justice requires that a party be given a reasonable opportunity

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**Reasoning:** The Tribunal considered that the Corporate Debtor had been granted time to file a reply

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**Interpretation:** The Adjudicating Authority must balance the need for timely resolution of

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**Application:** In this case, the Tribunal found that the Adjudicating Authority had granted

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## Parties

- **Judges:** Ashok Bh…
- **Appellants:** Sachin…
- **Respondents:** Ravindra Chaturved…; Piramal Capital…

## Timeline

- **2018-08-22 — Loan Sanc…**: Dewan Housing Finance Corporation Limited sanctioned a loan of Rs.20 Crores to the…
- **2018-08-30 — Loan Disb…**: The Corporate Debtor was…

## 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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