# In the matter of Srei Infrastructure Finance Ltd. Vs. Sumit Binani & Ors. CA (AT) (Insolvency) No. 184-2018

> NCLAT judgment dated 2018-05-09. Citation: TCN-2018-NCLAT-00294. The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT)…

- **Court:** NCLAT
- **Order date:** 9 May 2018
- **Citation:** TCN-2018-NCLAT-00294
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/srei-infrastructure-finance-ltd-vs-sumit-binani-ors-ca-1907fa74

## Summary

### Background

The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning insolvency proceedings. An application for impleadment was filed by Bhagwati Power and Steel Limited, a 'Resolution Applicant'. The appeal's nature and the applicant's status as a competitor 'Resolution Applicant' were considered. Another 'Resolution Applicant', M/s. Orissa Metalics, also sought to intervene.

## Facts

Srei Infrastructure Finance Ltd. filed an appeal before the NCLAT. Bhagwati Power and Steel Limited, a 'Resolution Applicant', sought impleadment as a respondent. Orissa Metalics, another 'Resolution Applicant', also expressed interest in intervening. The NCLAT considered these requests and issued directives regarding the resolution plan and potential liquidation. The Committee of Creditors was instructed to consider the amounts agreed to be paid to secured and unsecured creditors, as well as employees, when deciding on the approval of a resolution plan. The Adjudicating Authority was directed not to pass any order for liquidation.

## Issues and analysis

### Issue 1: Whether the application for impleadment by …

**Ratio:** The court has the discretion to allow impleadment of parties necessary for the proper

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**Reasoning:** The court considered the nature of the appeal and the applicant's status as a competitor

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**Interpretation:** Impleadment is allowed when it facilitates a comprehensive resolution of the

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**Application:** Bhagwati Power and Steel Limited, being a 'Resolution Applicant', was allowed

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Srei Infrastructur…
- **Respondents:** Sumit Binani &…

## Timeline

- **2018-05-09 — Application for…**: An application for impleadment was filed…
- **2018-05-10 — Time for Inte…**: Time was allowed for Orissa Metalics to…

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